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Is the program to pay half your payment every two weeks a good idea? Has anyone done this? I just got a letter in the mail asking me if I want to sign up. I guess it means you make 13 payments per year instead of 12. Also, my first payment is due December 1. If I sign up for this program, will I pay a full payment or half?
Anything to speed up the mortgage process the better.
This probably works better for people that are paid on the 1st and 15th vs by weekly.
It will save you good money in interest but keep in mind you will make an extra full payment a year. When you pay monthly you pay 12 full = 24 half payments, and with this program you pay 26 half payments = 13 full payments. But you are required to make a payment ever 2 weeks, I make and extra "to principle" payment each month that can save me just as much in interest without the restraints of having to pay every two weeks.
Ask the bank if there is a fee to set up bi-weekly payments. (Mine charged, but allows me to make as many payments as I want, no charge. So on one payday, I do a principle ONLY payment. The next payday, I do my regular payment plus an additional payment principle only. On the rare occassions when I have three paychecks in a month <happens twice a year>, I make an extra principle payment.)
Ask the bank how they will apply the payments. (Mine allows me to decide when I make the payment. I choose principle only, but I do have the choice of paying ahead to the next month.)
@IOBA wrote:Ask the bank if there is a fee to set up bi-weekly payments. (Mine charged, but allows me to make as many payments as I want, no charge. So on one payday, I do a principle ONLY payment. The next payday, I do my regular payment plus an additional payment principle only. On the rare occassions when I have three paychecks in a month <happens twice a year>, I make an extra principle payment.)
Ask the bank how they will apply the payments. (Mine allows me to decide when I make the payment. I choose principle only, but I do have the choice of paying ahead to the next month.)
+1 on this advice