topic Re: Biweekly Mortgage Program in Mortgage Loans

Biweekly Mortgage Program

Anonymous — Fri, 25 Apr 2008 15:35:44 GMT

Who has signed up for one? Any problems and do you recommend it? Who did you use?

Re: Biweekly Mortgage Program

MattH — Mon, 28 Apr 2008 03:48:04 GMT

http://www.bankrate.com/brm/news/DrDon/20080324_diy_extra_principal_a1.asp?prodtype=pfin

Re: Biweekly Mortgage Program

Anonymous — Mon, 28 Apr 2008 04:36:32 GMT

In my opinion they aren't worth it especially if they charge a fee. You can do it yourself as it only amounts to one extra payment per year and some even send the payment in later than you think and don't designate how it should be applied. Its a personal choice though so...

Re: Biweekly Mortgage Program

DallasLoanGuy — Mon, 28 Apr 2008 04:50:23 GMT

Knocks roughly 7yrs off of a 30yr note.

Great deal..... with or without a fee.

Thing is.... most people start out intending to make that extra payment per yr and don't.

Re: Biweekly Mortgage Program

Anonymous — Mon, 28 Apr 2008 21:11:47 GMT

Yea, Isee how it works now. It makes 13 payments a year instead of 12. No need to sign up, just pay extra on your own.

Re: Biweekly Mortgage Program

DallasLoanGuy — Mon, 28 Apr 2008 21:25:16 GMT

Exactly!!!

But like I said: Some people aren't disciplined enough.

A good idea would be to devote your IRS refund or Christmas bonus to the extra payment.

Re: Biweekly Mortgage Program

MidnightVoice — Mon, 28 Apr 2008 21:33:06 GMT

They were originally designed for people who were paid biweekly

Re: Biweekly Mortgage Program

Anonymous — Mon, 28 Apr 2008 22:34:01 GMT

they were originally designed for anybody