Mtg Mortgage
How are mortgage interest rates designed for your 1098 statement?
I am amazed when I picked the interest amount I pay per mtg payment for year its almost 3 xs what the mortgage company reported on my 1098 … how they determine the totals
Welcome to home ownership through a mortgage. When you have funded Mortgages you have agreed to terms on a mortgage rate regardless of whether it is fixed, variable or an ARM. Based on the value of the mortgage and the interest the mortgage company build an amortization table that can change monthly depending on whether you paid more than the payment or if you have a variable rate mortgage. The longer you own the home more principal you pay each month. I like to say I own a new brick per month, mortar extra! Your monthly statement will break down where much was applied to interest, principal, insurance and taxes, if applicable. Add them up over the years and that should be equal to 1098, you receive from the mortgage company.