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miracline
LIF Adolescent
Member since 10/07 575 total posts
Name:
kayanna
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bi weekly mortgages
what is your take on them?
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Posted 1/22/08 10:21 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: bi weekly mortgages
Posted by miracline
what is your take on them?
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You can save a lot of money in the long run if you do it yourself. Paying an annual fee to have your company do it is a waste IMO.
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| Posted 1/23/08 6:31 AM |
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MrsC2006
LIF Infant
Member since 6/06 318 total posts
Name:
Jenn
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Re: bi weekly mortgages
We pay our mortgage this way. We set it up directly with the lender, not an outside service. I'm not 100% sure if there is a fee involved. The payment is deducted from DH's checking account bi-weekly so by the end of the year, we've already made an extra payment. Plus, I don't need to keep that stupid payment coupon book around.
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| Posted 1/23/08 8:47 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: bi weekly mortgages
YOu can do it yourself by rounding up on your payment, or sending an extra payment in once a year. YOu can also divide your mortgage payment by 12, and add that to your monthly payment. Any extra money is supposed to go towards your principle balance.
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| Posted 1/23/08 8:49 AM |
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emeraldeyez
LIF Infant
Member since 10/07 351 total posts
Name:
mommy
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Re: bi weekly mortgages
just read up on that on the suze orman site. this is what she says..
You can accomplish exactly the same thing by making one extra mortgage payment a year on your own. There are two good ways to do that: You can add one twelfth of that extra annual payment to your mortgage check each month. Or you can simply write a check for one extra payment at the beginning of each year and get it over with. There's no charge for that. So though I'm an advocate of paying off mortgages early, I am not an advocate of these offers you're getting in the mail. Don't be suckered in.
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| Posted 1/23/08 10:11 AM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: bi weekly mortgages
We pay bi weekly and make 3 extra mortgage payments a year. We'll be done in 10 years because of the extra payments and savings on interest.
ETA: We use the service thru our mortgage lender - no fees or scams involved.
Message edited 1/23/2008 10:33:35 AM.
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| Posted 1/23/08 10:32 AM |
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astroqueen74
Vibrant Health
Member since 1/07 2822 total posts
Name:
Karina
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Re: bi weekly mortgages
Posted by MrsC2006
We pay our mortgage this way. We set it up directly with the lender, not an outside service. I'm not 100% sure if there is a fee involved. The payment is deducted from DH's checking account bi-weekly so by the end of the year, we've already made an extra payment. Plus, I don't need to keep that stupid payment coupon book around.
We do the same. Iam not sure about the fee, I will ask DH.
It's set up directly with the lender. So, the 30 yr term loan will be shorten to 22 yrs.
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| Posted 1/23/08 10:45 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: bi weekly mortgages
Posted by johnnynat1
just read up on that on the suze orman site. this is what she says..
You can accomplish exactly the same thing by making one extra mortgage payment a year on your own. There are two good ways to do that: You can add one twelfth of that extra annual payment to your mortgage check each month.
This is what I do. I wouldn't pay extra to save money.
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| Posted 1/23/08 10:59 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: bi weekly mortgages
Posted by ~Colleen~
Posted by johnnynat1
just read up on that on the suze orman site. this is what she says..
You can accomplish exactly the same thing by making one extra mortgage payment a year on your own. There are two good ways to do that: You can add one twelfth of that extra annual payment to your mortgage check each month.
This is what I do. I wouldn't pay extra to save money.
This is what we do as well.
We looked into the bi-weekly when we received information from our lender but, it was really with an outside service and there were fees involved so we decided it wasn't worth it.
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| Posted 1/23/08 11:49 AM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: bi weekly mortgages
Send in one extra payment. My lender charges fees so it wasnt worth it doing it thru them.
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| Posted 1/23/08 12:24 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: bi weekly mortgages
I pay an extra 1/12th of a payment with each montly payment.
I am confused by what another poster said--if you make a bi-weekly payment it will only amount to one extra payment a year and therefore will reduce your loan from 30 years to 22. If you make 3 full payments it reduces it to 10. Maybe I didn't read it right or I am assuming they have a 30 year and may have a 20.
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| Posted 1/23/08 1:56 PM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: bi weekly mortgages
Posted by csorisi
I pay an extra 1/12th of a payment with each montly payment.
I am confused by what another poster said--if you make a bi-weekly payment it will only amount to one extra payment a year and therefore will reduce your loan from 30 years to 22. If you make 3 full payments it reduces it to 10. Maybe I didn't read it right or I am assuming they have a 30 year and may have a 20.
I make bi weekly payments but I pay over what my mortgage is. That's how it comes to 3 extra payments a year.
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| Posted 1/23/08 2:29 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: bi weekly mortgages
Posted by JRG71
Posted by csorisi
I pay an extra 1/12th of a payment with each montly payment.
I am confused by what another poster said--if you make a bi-weekly payment it will only amount to one extra payment a year and therefore will reduce your loan from 30 years to 22. If you make 3 full payments it reduces it to 10. Maybe I didn't read it right or I am assuming they have a 30 year and may have a 20.
I make bi weekly payments but I pay over what my mortgage is. That's how it comes to 3 extra payments a year.
That is what I thought but I didn't read it that way so I was confused it could also just be the fact it is Wednesday...that is great that is my goal after I pay off some debt especially my private law school loan.
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| Posted 1/23/08 3:52 PM |
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miracline
LIF Adolescent
Member since 10/07 575 total posts
Name:
kayanna
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Re: bi weekly mortgages
Thanks ladies for all the information.
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| Posted 1/23/08 4:04 PM |
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