Would you question the difference in the percentage of mortgage principal being paid on two loans?
I have two mortgages, they both have about the same interest rate, each has a fixed rate thirty year loan. Our first mortgage we have been paying on for five years and the principal has only been reduced by $6K, we have been paying on our second mortgage for two years and three months and the mortgage principal has been reduced by $22.4K. We have asked for a payoff evaluation from both mortgage service company for our first home and the bank on our second home and we know we are paying interest on both, but don't really understand the difference in the percentage going towards the principal.
iI have had a similar experience and wondered the same thing. I dont have the answer to your question but I wonder if its the same loan servicer. Mine is citimortgage.
The loan we question is serviced by a new mortgage service company. It is the third company to service our loan. Residential Credit Solutions (RCS) they have a bad reputation, they buy "risky" loans. Our home value was inflated by original bank.
One mortgage could have interest figured on a 360 day cycle, and other may be 365. It makes a huge difference. I would also double check the interest rate listed on the actual note.
And yes, I would question it as that is a huge disparity.
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