Article: Are Biweekly Mortgages Really Worthwhile?
|
|
|
|
|
Are Biweekly Mortgages Really Worthwhile?
You may have heard people, especially mortgage lenders, extolling the virtues of biweekly payments, saying that you can save thousands of dollars and take 5-7 years off your mortgage--and then offering to set up a biweekly plan for you for as little as $400. But you don't have to spend $400 to begin saving money and time on your mortgage. In fact, you don't have to spend anything at all! You can set up a money-saving mortgage payment plan yourself--easily and at no extra cost.
The key is to look carefully at the fine print in many biweekly plans. You find that even though you'd be making biweekly payments, the lender may only post them to your account on a monthly basis, which means that you wouldn't be saving anything on interest, because mortgage interest is paid in arrear...
|
|
|
|
|
|
|
Home
|
Back To Articles Directory
|
|
|
Send your comments, Suggestions or
Queries regarding this site at roseindia_net@yahoo.com.
|
|
Copyright © 2006. All rights
reserved.
|
|