Home Loan Tips #5

Check your bank statements for errors

Some experts claim that over 50% of home loan statements contain errors. These are usually simple mistakes, like entering the incorrect balance, applying the wrong interest rate at the wrong time. Even these simple errors can be costly and mostly the are in favour the lender. It is important to remember that computers do all of the paperwork at a bank and we all know that computers can make mistakes. You know the most about your situation and there is no better person than you to check over your statements. For example just because one bank employee told you that you would get a discount does not mean that the computer has been told or will remember!

If you are too busy to check your bank statements or need help there is software available for your home PC that runs a check on your statements. Two such programs are:

1. Mortgage watchdog Pro
2. Mortgage statement checker

These programs are shareware and are free to try, but may cost money to use properly.

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