You have probably heard about people making biweekly payments on their mortgage, but most don’t really understand the significant savings it can have.
Typically, biweekly mortgage payments are setup on an auto payment, where half of your mortgage payment is drafted every 14 days. This equates to two extra half payments a year or one extra full payment a year. In most cases, you will save tens of thousands of dollars in interest and reduce your term by 4 – 7 years. Those are amazing benefits without having to refinance.
I have helped build a site that educates people about biweekly mortgage payments. Here is the site:
www.biweeklypaymenteducation.com
It has a great biweekly calculator that shows exactly what the saving would be for your specific mortgage loan. Also, details on how biweekly works, what experts have to say and a customer service that is available to help with any questions.
Take the time to educate yourself about the benefits of biweekly mortgage payments, so you can start to build equity faster in your home.
{ 3 comments… read them below or add one }
What a great tool. It is amazing how much you can save by making payments early and often.
So many benefits, my wife and I just went to biweekly payments. It is a little stressful at first, but so worth it long term!
Thanks for the words of wisdom… They mean a lot to us who are not in the same field. I wish you posted here more frequently.