![]() |
Biweekly MortgageThe biweekly mortgage has been around for years but with the recent media attention to the real estate industry in general and the mortgage industry in particular, the biweekly has been getting thousands of home owners to use this simple, yet powerful, way to speed up the principal payment process. Why is this so popular? How does it work? How can I do this? Here is why this is so popular to hundreds of thousands homeowners. It is an easy and effective way to increase the equity in a home. It can also shorten the life of the mortgage substantially. It does this with just about the same mortgage payment that one usually makes per month so it is affordable to anyone who owns a home. The biggest obstacle is just doing it. Biweekly means that the homeowner will make a payment every two months instead of once per month. Basically what you do is take your monthly payment, cut it in half and then make that payment every two weeks. So how does this save money? Well, by paying every two weeks you will actually end up paying more off the principal every year because: 1. There are 52 weeks in a year. 2. That means you make 26 payments a year. 3. With the monthly payments you would make the equivalent of 24 payments a year. 4. The 2 payments extra would go towards your principal. 5. This accelerates the payment of the loan and each month the principal gets paid by an ever increasing rate. The great thing about this is because each month is only a few days over 28 days ( 4 weeks) the biweekly mortgage payments are not a hardship on any home owners. The most extra days in a month are 3 and some months have 0 or just 1 extra day. So why wouldn't everyone just do this? I think much of it has to do with either they don't know about it or they think " I can just pay extra off my principal anytime I want. Why pay biweekly?" But the problem is that a large percentage of people don't ever make any extra payments to their principal. They think about it but don't do it. There is always other more important things to use the money for, even though the actual money they need every month to make a big difference is quite low. Discipline is a key factor here. If someone has enough discipline it really isn't necessary to use a biweekly mortgage plan. This doesn't mean that people who don't use a biweekly aren't disciplined. Only those who want to pay down their mortgage principal but never seem to be able. So, in a way the biweekly is just a formula to help homeowners, who are usually very busy with other parts of there life, become more disciplined and make them pay off the mortgage principal more quickly. With today's prices, a homeowner can save over $50,000 and cut 5 years off the life of the mortgage! ___________________________________________________________________ Copyright 2005 By Tim Phelan Tim Phelan is a full time internet marketer who has been self employed for the last 12 years. Real estate, the environment, art, world culture, politics are some of his other interests. For a totally free biweekly mortgage manager visit this link: TimPhelansblog.mortgagemanager email [email protected] Blog timphelansblog.blogspot.com
Here Are Your Options if You Can't Pay Your Mortgage The Motley Fool The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics - UK mortgage borrowers face painful refinancing, warns think-tank Financial Times Today's Mortgage, Refinance Rates: June 8, 2023 | Rates Fluctuate Business Insider Compare Today’s Refinance Rates | U.S. U.S News & World Report Money No-closing-cost refinance: What it is and how it works Yahoo Finance What is mortgage refinancing and how does it work? Yahoo Finance How to get a low-cost mortgage refinance Yahoo Finance This Is the No. 1 Thing to Remember About Higher Mortgage Rates The Motley Fool The Fed’s man-made housing market recession hit so hard that 4 real estate titans just lost their Fortune 500 status Yahoo Finance Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage ... Federal Reserve Bank of New York Fixed rate cliff spurs record mortgage refinancing MacroBusiness Will Mortgage Rates Go Up After the June Fed Meeting? The Mortgage Reports How does mortgage refinancing work? CBS News Should I Refinance My Mortgage? - Buy Side from WSJ The Wall Street Journal Here’s how sharply mortgage refinancing has dropped off Yahoo Finance Today’s 30-year mortgage refinance rates hit lowest levels in 15 days | Oct. 28, 2022 - Fox Business CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau Analysis | It Will Pay to Wait to Refinance Your UK Mortgage The Washington Post Why Older People Can’t Get New Mortgages The New York Times Should you refinance your mortgage to pay off debt? New York Post VA refinance rates - current VA loan refinance rates today Business Insider Small Business Loan Refinance Bankrate.com Current 15-year refinance rates today Business Insider Refinance Closing: An Overview Zing! Blog by Quicken Loans What Credit Score Is Needed To Refinance a House | Chase Chase News & Stories Compare Current 30-year Refinance Rates Business Insider 7 Refinancing Programs for Seniors Total Mortgage
|