Homecomings Financial In Fact Did Not Post my First Payment For Several Months Waterloo Iowa

A lot of 2nd mortgages balloon at 15 years, even though they are amortized for 30. And, by the way, even though the mortgage company amortized the loan over 30 years, you can amortize it yourself over 15 years and pay that amount instead.

So, you can continue to make your payments that are amortized over 30 years. With loans amortized over 30 years, you still owe the bulk of it 15 years later.

Go find an amortization sheet online. Plug in your loan amount, interest rate and 30 years for the term. If you show the amortization spreadsheet, you can see what your balloon should be after 15 years of those payments.

If you plug in 15 years for the term, you can also see what you need to pay in order to pay off the loan in 15 years. You will find at your loan amount, the extra you need to pay is not very much money, maybe around $100 extra per month. That should pay off the loan in 15 years without any balloon.

Now, since you have already had this mortgage at the regular payment for over a year, you really should enter in the present balance, your interest rate, and for the term enter in the amount of months you have left of the 15 years. You will find a more correct amount to pay off the loan within the 15 year balloon.

Yes, it was not right that they did not explain the 15 year balloon to you, but many 2nd mortgages won't go out 30 years anyway. Most are amortized 10-20 years instead. By doing the 30 year amortization to balloon in 15 years, what they did was make the monthly payment seem more attractive. So, what you got is a 15 year balloon, amortized for 30 years, which made your payment $357. Had you gotten a 15 year 2nd mortgage, amortized over 15 years, your payment would have been around $100 more.

A lot of 2nd mortgages balloon at 15 years, even though they are amortized for 30. And, by the way, even though the mortgage company amortized the loan over 30 years, you can amortize it yourself over 15 years and pay that amount instead.

So, you can continue to make your payments that are amortized over 30 years. With loans amortized over 30 years, you still owe the bulk of it 15 years later.

Go find an amortization sheet online. Plug in your loan amount, interest rate and 30 years for the term. If you show the amortization spreadsheet, you can see what your balloon should be after 15 years of those payments.

If you plug in 15 years for the term, you can also see what you need to pay in order to pay off the loan in 15 years. You will find at your loan amount, the extra you need to pay is not very much money, maybe around $100 extra per month. That should pay off the loan in 15 years without any balloon.

Now, since you have already had this mortgage at the regular payment for over a year, you really should enter in the present balance, your interest rate, and for the term enter in the amount of months you have left of the 15 years. You will find a more correct amount to pay off the loan within the 15 year balloon.

Yes, it was not right that they did not explain the 15 year balloon to you, but many 2nd mortgages won't go out 30 years anyway. Most are amortized 10-20 years instead. By doing the 30 year amortization to balloon in 15 years, what they did was make the monthly payment seem more attractive. So, what you got is a 15 year balloon, amortized for 30 years, which made your payment $357. Had you gotten a 15 year 2nd mortgage, amortized over 15 years, your payment would have been around $100 more.