| |
| |
|
Mortgage & Refinancing Information |
|
|
|
Biweekly Mortgage
The biweekly mortgage has been around for years but with the recent media attention to the real estate industry in general and the mortgage industry in particular, the biweekly has been getting thousands of home owners to use this simple, yet powerful, way to speed up the principal payment process. Why is this so popular? How does it work? How can I do this? Here is why this is so popular to hundreds of thousands homeowners. It is an easy and effective way to increase the equity in a home. It can also shorten the life of the mortgage substantially. It does this with just about the same mortgage payment that one usually makes per month so it is affordable to anyone who owns a home. The biggest obstacle is just doing it. Biweekly means that the homeowner will make a payment every two months instead of once per month. Basically what you do is take your monthly payment, cut it in half and then make that payment every two weeks. So how does this save money? Well, by paying every two weeks you will actually end up paying more off the principal every year because: 1. There are 52 weeks in a year. 2. That means you make 26 payments a year. 3. With the monthly payments you would make the equivalent of 24 payments a year. 4. The 2 payments extra would go towards your principal. 5. This accelerates the payment of the loan and each month the principal gets paid by an ever increasing rate. The great thing about this is because each month is only a few days over 28 days ( 4 weeks) the biweekly mortgage payments are not a hardship on any home owners. The most extra days in a month are 3 and some months have 0 or just 1 extra day. So why wouldn't everyone just do this? I think much of it has to do with either they don't know about it or they think " I can just pay extra off my principal anytime I want. Why pay biweekly?" But the problem is that a large percentage of people don't ever make any extra payments to their principal. They think about it but don't do it. There is always other more important things to use the money for, even though the actual money they need every month to make a big difference is quite low. Discipline is a key factor here. If someone has enough discipline it really isn't necessary to use a biweekly mortgage plan. This doesn't mean that people who don't use a biweekly aren't disciplined. Only those who want to pay down their mortgage principal but never seem to be able. So, in a way the biweekly is just a formula to help homeowners, who are usually very busy with other parts of there life, become more disciplined and make them pay off the mortgage principal more quickly. With today's prices, a homeowner can save over $50,000 and cut 5 years off the life of the mortgage! ___________________________________________________________________ Copyright 2005 By Tim Phelan Tim Phelan is a full time internet marketer who has been self employed for the last 12 years. Real estate, the environment, art, world culture, politics are some of his other interests.For a totally free biweekly mortgage manager visit this link: TimPhelansblog.mortgagemanager email nalehpmit@yahoo.com Blog timphelansblog.blogspot.com
MORE RESOURCES:
Mortgage-Refinance - Google News |
|
|
|
RELATED ARTICLES
Biweekly Mortgage The biweekly mortgage has been around for years but with the recent media attention to the real estate industry in general and the mortgage industry in particular, the biweekly has been getting thousands of home owners to use this simple, yet powerful, way to speed up the principal payment process. Why is this so popular? How does it work? How can I do this?Here is why this is so popular to hundreds of thousands homeowners. How to Get a Cheap Homeowner Loan If you're looking for a cheap homeowner loan, you might be wondering what you can do to reduce the amount that you have to pay.The simplest answer lies in two things? shopping around to find the lender that offers the lowest interest rates on a cheap homeowner loan, and maximizing the value of your loan against the equity in your home that's being used as collateral. Mortgage After Bankruptcy Most people probably assume that obtaining a mortgage to purchase a home, refinance or to consolidate debt after a bankruptcy is out of the question. In fact, many people are able to obtain these mortgage services, even 1 day after a bankruptcy discharge in some cases. 10 Questions To Ask Your Mortgage Rep or Banke This post is a must read for anyone considering purchasing a home be it today, tomorrow or next year. It is sound advice. Using a Mortgage Refinance Company Online Online mortgage companies make refinancing convenient and competitive. By researching mortgage rates and lenders online, you can be assured that you have the best refinancing rates. Home Loan Refinancing - What Lenders Dont Want You To Know Refinancing lenders seems to hold all the cards. They have the money and their own system for determining which type of credit you can qualify for. Refinance Your Property Online By refinancing your property online you can take advantage of competitive rates in the convenience of your home. You should consider refinancing your property if interest rates are lower, your financial situation has improved, or your credit rating has improved. Unlock your Home Loan Piggy Bank With the recent sharp increase in property values your current home could be a pot of gold.Property prices have increase about 20% - 30% over the past year but according to economists this current boom will not continue or much longer despite recent changes in property taxes announced in the budget speech. Refinance Your Home Equity Loan Refinancing your home equity loan is an excellent way to save money. By refinancing your home equity loan you can lower your interest rate and finance for a longer or shorter term. Mortgage-Refinance Treachery: Avoid Mortgage Bankers and Brokers Biggest Trick -- The Sales Pitch What the average homeowner or home buyer fails to realize is that bankers, loan officers, mortgage brokers, or whatever your lenders call themselves, are salesmen. Certainly, if you purchased your home from a realtor and used her lender, you most likely got a feeling of trust in that person, because the realtor referred him. Mortgage Calculator - How to Calculate Your Monthly Mortgage Payment Just starting to shop for a new home? Do you want to know how to figure what yourmonthly payment would be based on a certain priced home? No problem, there are plenty of mortgage calculatorson the web you can use free of charge (clickhere for an example of one). All you need to know is the mortgage amount, sale price less the down payment, interestrate (also easy to access on the web), and the number of years you wish tofinance your new home, usually 30 years (360 months) is the maximum term. Reverse Mortgage Offers Fresh Approach To Income From Real Estate If you owe 40 percent or less of your original mortgage, there is a great program that is available to you that will generate extra monthly income. It's called a reverse mortgage. The Power of a Home Equity Loan to Pay Down Debt Households across the country are finding themselves in a similar situation. They lack the financial funds to make the necessary changes to their home and need to find a way to fund upgrades and eliminate debt. Bad Credit Remortgage Loan: When Bad Credit Plays Mischief With Your Mortgage Financial difficulties are married to bad credit. It is a tough marriage but can be peaceful with a little bit of counseling. What is a Remortgage? A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. Secrets Your Banker Wont Tell You - Which Loan is Best for You? Recently I was driving in my Car and I heard an Ad for a Mortgage lender who claimed they would help you find the Best Loan out of over 400 Different Loan Types. 400 Different Loan Types now that has to be confusing. Home Loans For People With Bad Credit - When you Should Wait and When You Should Get a Home Loan Home loans may seem like a bad idea for people with bad credit, but there are times when a home loan can help your credit score and your budget. To know if a home loan is best for you, consider factors such as your current financial situation, current rent payment, and future goals. Sub-Prime Mortgage Company - 4 Signs of a Predatory Sub-Prime Lender If you have bad credit and are looking to get a home loan, odds are, you are going to be applying with a subprime lender. Subprime lenders specialize in financing for people with poor credit history or "less than perfect credit". Bankers Dont Want You to Know That You Pay for Your No Cost Home Loan Forever With mortgage rates continuing on a downward trend, the competition in the business is fierce. A day never passes that I don't hear some crazy advertisement about a new loan program that XYZ mortgage company has and no one else offers. Thought You Can Go All Alone In Mortgages! Mortgage Advice Beneficial In All Important Decisions Mortgages are easy as long as you understand them well. But how many borrowers can be confident of their knowledge of mortgages.
|
| home | site map |
| © 2006 |
