How to audit your loan

If you have a mortgage, you more than likely need to perform an audit. 

Unless you're using Quicken, Quickbooks, or some other loan manager, you may not know if you're over paying in interest. If you're trying to get Private Mortgage Insurance "PMI" removed from your loan, you may need proof that the your loan has reached 80% Loan to Value "LTV" for borrower requested cancellation or 78% LTV for automatic termination.

The very best website for amortization schedules is Vertex42.

In order to audit your loan you will need your original, refinanced or modified loan amount, interest rate, term of loan, first payment date, and compound period (generally monthly.)

Next you will need to get a complete or all time payment history from your servicer.

You want your schedule to exactly match the schedule originally provided to you. Once that's accomplished, then you will to check you balance to your loan balance against your statements and the payment history making note of any principle amounts that went into a Unapplied Funds "UAF" or Suspense Account.

*This site is currently under development so please check back for updates!

 

 

 

 

 

 

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