What’s the best way to track my mortgage payments? – Jax Action News

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Welcome to Ask Clark, the column for answering your financial questions. author money expert Clark Howard

How can I track my mortgage payments?

Nick from Virginia asks: “You always advise keeping track of your mortgage payments, especially when the mortgage is being sold. What’s the best way to track my payments? Should I just keep every mortgage statement for 15 or 30 years? “

Clarke’s perspective on tracking mortgage payments

Clark says: “You are printing a mortgage repayment schedule. You can go to Google or any other search engine. “

1. Search the Internet for “Mortgage Repayment Schedule”.

You can go to Google or choose your search engine and enter “mortgage repayment schedule”.

“There will be all these free ones,” Clarke says. “You must indicate the date of the mortgage, the interest rate, the term and the amount of the loan.”

2. Print

When you have a paper copy of your mortgage repayment schedule, Clarke says, “You can see what your current balance should be every month.”

3. Compare your schedule with your monthly statement.

“When your monthly statement comes from a mortgage lender, just compare the balance shown on it with what it shows on the repayment schedule you printed. And if it matches, that’s okay: you can throw it away. You don’t need that, ”Clarke says.

“You will immediately know by doing this check once a month if the lender is lending your mortgage correctly and that the balance is being reduced appropriately.”

For Clarke’s full perspective on this issue, listen to this passage:

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