Capital One Mortgage Complaint

Capital One Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Idaho

I have contacted multiple financial institutions and most of the time I am told that principle payments do not reduce interest charges in the following month. I am told not to pay on principle since doing so will only shorten the loan duration but not the interest charges in the following month. This complaint is specific to Capital One. I was told by multiple licensed employees that principle payments do not reduce scheduled interest charges in the following month and discouraged extra payments. I eventual pushed the issue to the fourth level of management who stated correctly that principle payments do reduce the following month interest charges. They stated they would provide training to their employees. I stated I would call after - month and ask the same question to see if the training was effective. Today, -/-/15 at - -, I called - - -. I asked If I pay an extra $10.00 in month -, will the interest charge in month - drop by a few cents? '' He replied no. He said the interest charges would be the same as though no principle was paid and only the length of my loan would be reduced. He clearly failed my test and when I asked to speak to management I was told there was none available, then transferred to a voicemail. I have spoken to many people in the industry and it sickens me that so many actively discourage early pay off and additional principle payments. They lie to prevent early pay-off and this costs consumer - of dollars. over the life of the loan.