Jun
24
What mortgage servicers will APPLY bi-weekly payments to the mortgage 26x/yr vs 12x/yr?
By
Citimortgage only applies bi-weekly payments to the mortgage 12x/yr. Benefit is in the extra payment. I want true bi-weekly to reduce interest faster / payoff loan quicker. Anybody know a servicer that offers it ? I’m ready to refi over this !
I already pay extra towards principle. The difference is significant if the servicer accepts bi-weekly payments in addition to extra principle – the mortgage is paid off years earlier for no extra cash.
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3 Comments
June 27th, 2010 at 11:27 pm
Why don’t you just pay extra each month to get the equivalent of the extra payment. Your mortgage will be paid off sooner that why and almost any lender will let you do it. Paying to re-finance just to get that feature isn’t worth it.
June 29th, 2010 at 4:21 pm
Having the best mortgage possible is a great goal to shoot for (even though many of us will never achieve it; myself included). However, I think your question is more complicated than it may seem. So, I did a quick search and found a great article that answers your question
July 1st, 2010 at 2:16 am
I have been reading a lot about this MPAP, bi weekly mortgage repayment and i think its really the best way to go. After reading up about it and the different companies that offer this service, I ended up getting this whole package from this site:. It has all the information you need and materials you need to set it up and so that you can start a business helping other people do the same thing with there mortgage. I honestly feel this was one of the best investments made. A lot of helpful information, Save thousands of dollars, and I get to help others save thousands of dollars. I would highly recommend.
Hope this helps.