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  • FIRST POST
    • MSE Guy
    • By MSE Guy 9th Apr 10, 3:51 PM
    • 1,628Posts
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    MSE Guy
    MSE News: Mortgage holders could save by switching to daily interest
    • #1
    • 9th Apr 10, 3:51 PM
    MSE News: Mortgage holders could save by switching to daily interest 9th Apr 10 at 3:51 PM
    This is the discussion thread for the following MSE News Story:

    "Mortgage holders whose interest is calculated once a year could save cash by switching to a deal where interest is worked out on a daily basis ..."



Page 1
    • Consumerist
    • By Consumerist 9th Apr 10, 11:19 PM
    • 5,232 Posts
    • 2,611 Thanks
    Consumerist
    • #2
    • 9th Apr 10, 11:19 PM
    • #2
    • 9th Apr 10, 11:19 PM
    If your mortgage has only a few years to run then, if interest is charged annually, the actual rate is much higher than the quoted annual rate.

    Mortgages are excluded from the requirements of quoting the more realistic APR so the banks get away with hiding the true rate.
    .
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