 Do you know how much you are over paying your lender? Discover how much you can save by simply changing the way you pay your mortgage. There is no need to refinance home mortgage. You can get set up with a bi-weekly mortgage program with or without your mortgage broker. Look at the example below, and then use the calculator link to see how much you can save by simply adding a bi-weekly mortgage program to your new or existing loan.
If you are one of the tens of millions of Americans with a 30-year mortgage, do you realize how much you're paying your lender in interest charges? Consider this! On a $100,000 mortgage at 8.875%, you'll pay $186,440 in interest plus the $100,000 that you borrowed for a total of $286,440.
Think about it, after paying your lender for 10 years you would have made a total of $95,476.00 in total mortgage payments. Of that amount, an ASTOUNDING $84,705.42 goes directly toward your interest payment! And only $10,771.38 of your total payment is applied to your principal. That doesn't sound very smart does it? So in essence, you have worked very hard for the past 10 years of your life, and most of your paychecks have been spent on mortgage interest! Improve your financial position now.
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Simply put a bi weekly home mortgage loan is a normal fixed rate or adjustable rate mortgage where instead of the normal monthly payments you make half a payment every other week. The net effect of this is that you end up making 13 payments in a 12-month period. The one extra payment makes a dramatic impact on the total interest paid over time.
making bi-weekly payments on your mortgage. They are making bi-weekly deductions from your bank account. These funds are placed into an account from which your monthly mortgage payment is made (which only takes 24 deductions - but during the course of a year 26 deductions will be made from your account).
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