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Profile picture for maria landeros

mortgage

How good is to pay every other week my mortgage?

  • December 19 2008 - Temple City
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Answers (6)

I used to sell another type of plan years ago.  You don't need to pay someone to pay your mortgage for you.  You can do it yourself.

Bi Weekly Mortgage Loan Programs Explained.
  • December 19 2008
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Profile picture for CORONA NICK
It is wise to pay an extra couple of hundred dollars monthly, you dont need to get on the biweekly gig.... if you pay a little extra every month, you will save years of payments...
  • December 19 2008
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Bi-weekly = 26 half payments = 13 mortgage payments per year.
  • December 19 2008
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The bi weekly payment is very beneficial, the problem is most companies charge you to do it.  Unless the fee is less then your savings it is not worth doing it.  Some companies do bi-weekly for free, and that is what will determine whether it is beneficial for you.
  • December 19 2008
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Profile picture for Shermbo
It could be wiser to make an extra Principal payment with each mortgage payment. Just making an extra payment will not reduce a balance as fast, or as efficiently as paying down the principal. For each extra principal payment the interest will not bet charged on that money.
  • December 19 2008
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Are you talking about biweekly payments? If you have a 30 yr mortgage and make bi weekly payments, you can knock off 5-8 years.
  • December 19 2008
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