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Thread created 01-15-2013 by sdbk
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My mortgagee offers this. It is called Equity Accelerator. Contact your mortgagee to see if they offer it.
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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This explains it better.
http://mortgage-x.com/library/biweekly.asp
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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If they are charging you for it, then it's called dumb. I hope you don't pay for much a silly program.
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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Only if it's not a paid service, which many places do.
If no charge, then personal preference. But no matter if you get paid weekly/biweekly or once a year it's about budgeting and it shouldn't...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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Paying 3.75% over a 30 year mortgage adds up to tens or hundreds of thousands of dollars, depending on the amount of the loan. Paying 18.99% for 30 years (possible with several thousand dollars and...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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What is your interest rate?
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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You are making it more complicated, just pay an extra $100, $200, $300, etc a month towards the principal. You could also think of it as having a car payment, but if you actually do have a care...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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3.375% fixed for 30 years.
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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You don't need to pay someone to do this.
It's a ripoff
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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Thanks a lot for the kind words.
I can't argue with paying off a mortgage as soon as possible. Believe me, I know exactly how you feel. I despise debt.
That being said, to me, the long-term...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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When you pay 1/12th of the mortgage each month, and add it to the principal, are you guys dividing up your principal + interest payment only by 12 or are you taking your payment which includes...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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Typically, the 1/12th recommendation refers to 1/12th of the principal and interest. However, there is absolute amount you must send in. You can send in and amount equal to 1/12th of your principal...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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Oh i see. I didn't realize it was biweekly and not twice a month :O.
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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You are making it more complicated, just pay an extra $100, $200, $300, etc a month towards the principal. You could also think of it as having a car payment, but if you actually do have a care...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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you're correct that interest does add up over time. your mortgage should have told you how much you'll pay in total, actually. if not, it's easy to use mortgage calculators to tell you. that said,...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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My principal + interest only payment is $1,003.87. If I divide that by 12, I get $83.66. I went to Bankrate.com and used their mortgage calculator and show that if I made no extra payments towards...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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You give excellent advice here, but I always disagree with this one.
Not because it's wrong from a purely financial standpoint, just because it's hard to quantify the freedom that exists from not...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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Bi-weekly is handy for those people that get paid weekly/bi-weekly.
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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Okay so i am a recent homeowner. Just did refi on my loan for 30 years at 3.375.
I just got a letter from Nationwide Biweekly Administration saying if i change the administration of loan thru them...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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Keep the monthly. Pay extra 1/12th of payment each month to principle and it accomplishes the same. Gives you flexibility and some places charge a fee for the biweekly payment.
Run the numbers...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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Yes, i see the point. Seems completely useless unless you are prone to spending your money if it remains with you. Not my type...
Thanks
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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First, at 3.375%, don't rush to pay your mortgage off.
Second, vaultaddict is right - these programs are a ripoff.
You can actually do better than what they're offering, all for free by simply...
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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I wouldn't rush to pay that off.
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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I see your point. With interest rates so low, and the value of the dollar decreasing over time due to inflation, it makes sense to just take my time to pay it off.
Question on Biweekly Payments
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Thread created 01-15-2013 by sdbk
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:iagree:
when mortgage rates are high, like they were back in the 80s, it's a no-brainer. When they're low, it's much more personal of a decision. If you prefer the intangible feeling and...
