In last weeks Your Mortgage e-newsletter we told you about the alarming 54% error rate in bank statements. Since then we have received a number of questions from Your Investment Property and Your Mortgage visitors regarding MortgageWatchdog. For your convenience we have answered the most common questions below.
As you are probably aware there is a 20% discount for Your Investment Property and Your Mortgage readers, which also includes MortgageWatchdog's $250 "SuccessGuarantee". Unfortunately this special offer expires on Tuesday May 27 so you only have a few days remaining.
FAQ #1: Where do they get their figures on error rates from?
MortgageWatchdog use the most conservative figures available on mortgage errors. These figures were published in the Sydney Morning Herald and were the result of surveying over 200 monthly mortgage statements from 18 different lenders. This survey found that just over 54% of monthly statements contain errors; other published surveys show error rates of over 90%.
FAQ #2: Can I check mortgage accounts that I have already closed?
Yes you can. MortgageWatchdog has had one customer who used the software to successfully claim back account errors on a mortgage that had been discharged 10 years earlier.
FAQ #3: How does the "Success Guarantee" work?
The Success Guarantee is pretty straight forward - order the software, check your statements and if they are actually error free over a 4 year period MortgageWatchdog will refund 100% of your purchase price PLUS send you a cheque for $250 - (that's how confident they are that your statements have errors). Check out the website for complete details.
FAQ #4: Do the banks take the results of the software seriously?
Yes they do. The software uses the same internationally accepted formula that the banks use. As a result the banks have to take it's results seriously; they have to accept the print-out which means you will get your money back. 100% of people who have used the software to check their accounts and present their findings to the banks have received their money back.
FAQ #5: Does it cover all types of loans?
MortgageWatchdog is yet to find a type of loan or account that is not compatible with their software. No matter what fancy name your lender gives your account they all use the same interest calculation method.
The discount offer for Your Investment Property and Your Mortgage readers expires on May 27 so you will need to act quickly.
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