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Question by GriffinsNC: Can someone explain a daily compounded mortgage to me? I got a mortgage on 1/24/07. Bank said our first payment was due on 4/12. I have paid on time (early actually) every month and the first 2 months payments went entirely to interest. Every mortgage amortization calculator I’ve found says that SOMETHING should be applied to interest. When I called the bank (Wachovia), recipe sales they said my interest is compounded daily. Should I look to refinance somewhere else?? Best answer: Answer by Paul MThis explains how your interest rate works: http://www.investopedia.com/terms/p/periodic_interest_rate.asp The more frequently your interest is calculated the more you will pay in interest for any given rate. Say you have a 10% mortgage for $ 1, case 000 (to make the maths easy). Your interest is $ 100 if you did the calculation, and paid, once a year. However if you did the calculation and paid every month, you would end up paying $ 1,104.70 over the year — an effective annual interest rate of 10.47% You need to compare the effective annual interest rate (APR) when shopping for a new mortgage. Know better? Leave your own answer in the comments! Payday Loan Place Window Graphics Image by taberandrew Henrico County, ask VA Linked from The Consumerist: "New Hampshire Gives Payday Lenders the Boot"; and "Ohio Passes Legislation That Will Punch Payday Lending Industry in the Face"; Life Lessons of a Military Wife; Progress Illinois, stuff Durbin Seeks Payday Loan Cap; Gawker More great houses click here… New Product Offers Online Payday Loans No Credit Check Loan to Borrowers … However, story lenders, understanding this struggle, and agree to help out those with unhealthy credit through the choice of online payday loans no credit check loan. These no credit check loans give borrowers with quick access to required money with very … More informaiton please visit here… Easy Long Term Loans No Credit Check Approvals Up to 000 California Springs, CA — (SBWIRE) — 04/01/2013 — All of those purchases are expensive, however for such customers justbadcreditloans.com have introduced long term loans no credit check, where the borrowers can apply in person or online with minimum … If you would like more informaiton please visit...
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