Bankworker
PITTSBURGH,#2Consumer Suggestion
Thu, May 01, 2008
This loan was an interest only loan! If you had any interest accumulated, this is what would be satisfied from your payment until your draw period (normally between 5-7 years) expires. Any amount over the interest accumulated would decrease the principal balance so you should've probably called to find out where the extra money was going if you were paying more than your minimum payment. Word of advice, read your contract.