All Posts Tagged With: "bi-weekly"
Can Bi-Weekly Loans Stop Mortgage Foreclosures?
If you have a bi-weekly mortgage will your payments be more in line with your paycheck, thus lowering your costs and reducing the chance for foreclosure? Imagine that a household has two wage-earners who take in $100,000 per year. Lenders allow them to finance with monthly payments equal to 31 percent of their income or [...]
28Mar2011 | Peter G. Miller | 0 comments | Continued
Is A Bi-Weekly Mortgage Good For Me?
Question: My lender has sent a letter offering to create a bi-weekly mortgage program. They would take payments directly from my checking account and as a result my loan would have $24,000 in additional equity after 10 years. If I hold onto the loan until it’s paid off I would save $70,000. This sounds pretty [...]
2Sep2008 | Peter G. Miller | 0 comments | Continued
How Can I Get Bi-Weekly Benefits Without A Bi-Weekly Mortgage?
If you have the right to prepay a loan in whole or in part at any time and without penalty, then you can achieve the same results by merely increasing your monthly payment. Just take your monthly payment for principal and interest, multiply by 13, and then divide by 12. That should give you roughly [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
Are All Bi-Weekly Mortgage Programs The Same?
No. Bi-weekly programs can be divided into two groups: those programs operated by lenders and those programs operated by folks who are not lenders. Third-party non-lenders collect payments bi-weekly and then make payments to the original lenders. This is something that any borrower not facing pre-payment penalties can do without paying several hundred dollars up [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
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