So this call just happened today and I am baffled by it still. I work at a mortgage call center so I’ve heard it all, including a woman calling in telling me she is no longer paying her principal balance only her escrow account, but that’s for another story. Anyway this caller calls in saying my principal balance is increasing on my mortgage and it shouldn’t be, I’m on a fixed rate. I calmly explain to him, while yea he is on a fixed rate it only pertains to his interest percentage not how much he pays monthly.
I further explained that his payment is made monthly of his principal and interest that is calculated monthly from his remaining principal balance, when that changes he pays less into his interest and more into his principal monthly while his payment stays the same. He asked me if that’s new and told me I’m wrong with my calculations. I explained this 6 more times changing it and trying to explain it like I would a toddler. He still didn’t get it and hung up. How do these people own a mortgage.