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  1. #1
    Join Date
    Apr 2014
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    18

    Default Should a Mortgage Provider Provide Customers with a Mortgage Amortization Schedule

    My question involves a mortgage in the state of: MI

    I have a mortgage with the Caliber Home Loans for a few years. I requested a few times for a mortgage amortization schedule by phone and also by letter and however they refused my request on phone and did not response to my letter. I wonder if a mortgage provider should provide such simple info/service to its customers and what law governs this?

    Many thanks!

  2. #2
    Join Date
    Jan 2006
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    38,867

    Default Re: Should a Mortgage Provider Provide Customers with Mortgage Amortization Schedule

    should they? Sure they should.

    Your question is; are they required to by rule or law?

    I cannot find any requirement. Doesn't mean there isn't one but if there is, I have found nothing to support such a requirement.

    when you spoke to them on the phone, what was their response to your request for a schedule?

  3. #3
    Join Date
    Sep 2010
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    19,890

    Default Re: Should a Mortgage Provider Provide Customers with Mortgage Amortization Schedule

    Not to my knowledge. The TILA GFE must show the rate and the total interest you'll pay on the proposed schedule, but the details are up to you (and they're easily computed given the raw data).

  4. #4
    Join Date
    Apr 2014
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    18

    Default Re: Should a Mortgage Provider Provide Customers with Mortgage Amortization Schedule

    Thanks, JK,

    they simply said that they did not provide that. So if there is no law, I can do nothing.

    - - - Updated - - -

    flyingron, thank you!

    I agree with you that it is very easy for the to print that out but they do not want to do it. Very bad customer service!

  5. #5
    Join Date
    Mar 2013
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    18,304

    Default Re: Should a Mortgage Provider Provide Customers with Mortgage Amortization Schedule

    Quote Quoting John_smith92
    View Post
    Thanks, JK,

    they simply said that they did not provide that.
    That's right. They have no obligation to do so and I don't recall any of my former mortgage companies do it. I always had to create my own.

    Quote Quoting John_smith92
    View Post
    Thanks, JK,

    So if there is no law, I can do nothing.
    Yes, you can do something. You can create and print out your own amortization schedule using the following online calculator:

    http://www.bretwhissel.net/amortization/amortize.html

    If you don't get monthly statements showing your balance to compare to, you at least get an annual statement showing a balance that you can compare the amortization to.

  6. #6
    Join Date
    Jan 2006
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    38,867

    Default Re: Should a Mortgage Provider Provide Customers with Mortgage Amortization Schedule

    my brother had a mortgage lender that provided him an updated schedule annually.



    the problem with creating your own schedule is the need for accurate dates of application of the payments. One day difference in the earlier parts of the term can make a lot of difference in the overall scheme of things. While it can be obtained, it must be obtained from the mortgage lender or through receipts provided by the lender.

    and of course everybody keeps every one of their receipts in a nice little folder easily accessible and all, right?

  7. #7
    Join Date
    Apr 2014
    Posts
    18

    Default Re: Should a Mortgage Provider Provide Customers with Mortgage Amortization Schedule

    Thanks a lot, adjusterjack!

    the reason for me to ask for the schedule is that I paid extra principal a few times and want to know how much interest saved and how much time shortened to pay off the mortgage. But I tried some online calculators and none can do this.

  8. #8
    Join Date
    Jan 2006
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    38,867

    Default Re: Should a Mortgage Provider Provide Customers with Mortgage Amortization Schedule

    Quote Quoting John_smith92
    View Post
    Thanks a lot, adjusterjack!

    the reason for me to ask for the schedule is that I paid extra principal a few times and want to know how much interest saved and how much time shortened to pay off the mortgage. But I tried some online calculators and none can do this.
    you need a calculator that allows you to insert variables that occur during the time of the mortgage. Most are pretty basic where you punch in the amount and rate and let it go. It may take some searching but they are out there somewhere.

  9. #9
    Join Date
    Mar 2013
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    18,304

    Default Re: Should a Mortgage Provider Provide Customers with Mortgage Amortization Schedule

    Quote Quoting John_smith92
    View Post
    I paid extra principal a few times and want to know how much interest saved and how much time shortened to pay off the mortgage. But I tried some online calculators and none can do this.
    You can still use the calculator I posted to get a general idea. Create the schedule based on your original loan agreement. Then go to the month where you paid extra, adjust the parameters and print out a new schedule.

    Let's use the following example:

    100,000 mortgage, 6%, PI 599.55 per month. Total interest paid in 30 years $115,838.00.

    At the end of 12 months your balance $98,772.00. Interest paid for the year $5966.60.

    However, instead of making your normal 12th payment, you added $500 so your balance at the end of the 12 month becomes $98,572.00.

    Run the calculator again and change the Principal to $98,572 and leave the space blank for number of regular payments.

    The results are 346 months instead of 348 months so you've shortened the life of the loan by 2 months. Interest paid during 346 months $108,896.52 + $5966 paid in the first year = $114,862.52 so you've saved almost $1000 in interest with that one extra payment of $500.

    It's a little cumbersome doing it that way but you can go back to each month that you paid extra toward principal and get a rough idea.

    If you really want to make a dent in the interest and the length of the loan you have to pay extra every month like clockwork.

    Using the same example let's pay an extra $100 every month (699.62) for the life of the loan.

    You shorten the life of the loan to 251 months (less than 21 years) and you've reduced the interest to $75,762.75 (a savings of about $40,000).

    Keep in mind that you have to back out the tax and insurance part of your payment before you do these calculations.

  10. #10
    Join Date
    Apr 2014
    Posts
    18

    Default Re: Should a Mortgage Provider Provide Customers with Mortgage Amortization Schedule

    Hi, djusterjack,

    Thank you so much for your detailed instruction! I have tried it and got estimates of what I want.

    Many thanks again!

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