Bi-weekly Mortgage Program
Tens of Thousand in Savings is Why
That's right - the answer to the question at the top of this page is: You will save tens of thousands of dollars on interest payments. So the bottom line is, if you don’t yet have a biweekly mortgage program, you should. Life is full of complex, difficult decisions-- but the decision to enroll in a biweekly program should not be one of those. A biweekly mortgage program is a simple, straightforward way to knock years off your mortgage and save you tens of thousands of dollars in interest!
Faster Equity Growth
Most people do not realize how much they are paying their lender in interest. If you are one of the many millions of Americans with a 30 year mortgage you need to consider the following. On a $150,000 mortgage at 7%, you will pay $209,262 in interest plus the $150,000 you borrowed over the life of the loan.
After paying you mortgage company for 10 years you will have made $119,754 in total payments. Of that amount, an astounding 81.4% will have been for the payment of interest. Your repayment of principal will have been a paltry $22,278. What can you do about this? You can enroll in a biweekly mortgage program.
In comparison, the same 7%, 30 year mortgage enrolled in a biweekly mortgage program results in $156,026 of interest paid over the life of the loan - a savings of $53,236, and equally important is that your mortgage will be paid off six plus years sooner. Give that some thought--- That’s at least 72 monthly mortgage payments that you won’t have to make.
Are There Other Benefits?
Though the biggest attraction to biweekly programs are the money savings aspects of these programs, don’t overlook these other important features.
Pay off your loan almost 7 years sooner
Build equity in your house 2-3 times faster
Lowers your loan’s effective interest rate
Eliminates the need to pay mortgage insurance (PMI)sooner
Enrollment requires no changes to your current mortgage
Convenience of an automatic debit from your account
Additional Conveniences Not Offered By Our Competitors
As can be seen from the above table, the biweekly home mortgage program has several convenient features that our competitors do not offer. Each of these features is explained in additional detail below.
Immediate Enrollment - Your enrollment is done online, using secure encryption technology and is processed immediately. There is no 4--8 week delay, which is typical of most companies. Once you provide all of the required enrollment information, you’ll receive a confirmation by email, usually within 1-2 days.
Pick Your Own Debit Dates - During your enrollment, you can choose any day of the work week (Monday - Friday) for your debits. Also, if for some reason you don’t want to start right away, you can pick dates in the future.
Receive Payment Notification by Email - Want to know if your account has been debited? Or your lender has been paid? Well now you can. You can choose to receive email notices of these activities whenever they occur. You can Manage Your Account Online – Once you have been enrolled in our program you will receive access to a secure web site where you can manage any part of your account online at any time day or night. Track your payment or debit history, change banks, change lenders, add an additional monthly payment, or change anything else in your account. |
