WHY DOESN'T THE
CALCULATION MATCH MY EXISTING LOAN CONTRACT?
There are many reasons the computations may not match existing loan contracts. Several of the major reasons are cited below.
1. Your loan had an odd first period. Banker's Friend assumes that all periods are equal. For example a loan with monthly payments assumes that the first payment is one month from the loan date. Some loan contracts may provide for either shorter or longer first periods. A shorter first period would make the payment lower while a longer first period would make the payment higher.
2. Your loan may have had fees or charges that actually made the loan amount higher than the cash advanced to you. Most institutions charge loan fees and in some instances there may also be title fees, recording costs, and other fees added to the loan. You may need to add these fees to the loan amount to get a more accurate computation.
3. There may be differences due to the way interest is charged. Interest may be on a 360 or 365 day basis. Banker's Friend assumes that the periodic interest is a fractional portion of one year. For instance there are 12 monthly periods in a year. Some systems may charge based on actual days.
4. When comparing mortgage loans be sure to exclude any escrow or insurance payments from the loan payment. Escrow payments do not effect the loan balance.
WHY DOESN'T THE AMORTIZATION
SCHEDULE MATCH MY
EXISTING LOAN CONTRACT?
This is a common problem. Many institutions charge interest from date of payment to date of payment. This is probably the fairest method to consumers but makes calculating an amortization schedule virtually impossible. With this system you have varying interest charges based on the number of days since you last made a payment. You will seldom make the payment on the same date each month and wide variations are common. The amortization schedule in Banker's Friend
assumes payments are made exactly on schedule in equal intervals. The schedule should be only used as a guide when compared to actual contracts.
WHY DON'T THE LOAN PAYMENTS MATCH WHAT A BANK QUOTED?
Generally the payments should closely match. When they don't it is usually due to an odd first period or additional fees and charges. Many institutions may automatically add a loan fee to the amount borrowed.
WHY ISN'T THE TEXT ALIGNED WHEN I OPEN A SAVED COMPUTATION?
When opening a saved computation you may need to change the font to a proportional font such as Courier. If the lines wrap you also may need to adjust the margins or change the font size.
WHY CAN'T I PRINT ON A CERTAIN PRINTER?
Banker's Friend prints to the default Windows printer. You may need to change the default printer setting in the Printers folder to select a different printer.
HOW DO I PRINT AN AMORTIZATION SCHEDULE ON AN
ADJUSTABLE RATE MORTGAGE?
There are no provisions to print a schedule for an adjustable rate mortgage. Due to uncertainties in what future rates will be it is impossible to print this schedule. Probably the best way to do this is to print a partial schedule for the period that the rate is fixed.
WHY DOESN'T MY REGISTRATION NUMBER WORK?
The registration process is based on a user name and a registration number. Both of these must match exactly for the registration to process. The registration name must be entered exactly as it was given and is case sensitive. The registration number is unique to the registration name and sequence. If you continue to have problems please contact the author.
HOW WILL I KNOW IF THERE ARE UPGRADES TO BANKER'S FRIEND?
All registered users will receive an e-mail notice when new versions are
available. Updates will be posted at www.bargeron.com/software
and other software sites including ZDNet.
WILL I BE CHARGED FOR UPGRADES TO BANKER'S FRIEND?
All registered users will receive free upgrades for 18 months. After 18 months upgrades will be either free or at substantially reduced pricing.
WHY SHOULD I REGISTER BANKER'S FRIEND?
Banker's Friend is shareware. You are free to use, copy, and
evaluate the software. If after a reasonable evaluation period you decide to keep using the software you are asked to pay a modest shareware fee.
Payment of the shareware fee will encourage continued development and reward the author for his time and expense in producing the program. As a registered user you will be given a user name and registration number. Registering the program will eliminate the registration reminders and "Unregistered" tags on printed and saved pages. Additionally, registered users will receive notification of future releases and either free or substantial price reductions on all future upgrades.