Negative amortization happens when the interest owed in a given pay period is greater than the total payment for that period. However, they have no obligation to agree, unless that was written into your contract in the first place. If you are the holder of a mortgage note, you can ask the borrower if they would agree to a new amortization schedule. If you are the borrower in a mortgage contract, you may be able to refinance your loan with the same lender or with another lender, depending on the terms of your mortgage. Is it possible to change the amortization schedule on a loan I hold or owe? Look for a table or list with dates of payment, and the payment amount broken down into principal repayment and interest charge. Typically, the amortization schedule is included along with the other documents you receive when you take out or issue a loan. Frequently Asked Questions Where can I find the amortization schedule for my loan? However, if you have an alternative financing scenario, you may have to ask the person handling your financing to provide one to you. If you have a typical mortgage on your home, you will likely have received the schedule with the rest of your loan documents. In order to reach a firm understanding of how loan amortization works the best thing you can do is look at an amortization schedule.
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