So you have a mortgage on your home or planning to get one? Here's something to consider if you want to reduce your interest payment and save on thousands of dollars. Consider going in for a bi-weekly mortgage payment plan.
So, what is a bi-weekly mortgage payment plan? The difference in this type of mortgage plan lies in the frequency of payments. Out here you make your payments every two weeks instead of every month. By going in with such a payment plan, you end up paying for the 52 weeks in a year, i.e. 1 month more than the otherwise 12 payments you would make with the monthly plan (52 / 4 = 13 payments in a year). You may think why pay extra? But the benefits are there for all to see. By going in for such a mortgage plan, you are reducing the tenure of your loan as well as continuously reducing the principal and interest which has to be repaid.
An illustration to show what we mean - Suppose you were to go in for a mortgage of $150,000 for a term of 360 months at an interest rate of 6%, your monthly payment would work out to $899.93 and your total interest through out the tenure of the loan would work out to $173,757. Now consider the same mortgage taken on a bi-weekly payment plan. Your bi-weekly payments would be of $449.67 while your total interest for the entire tenure would work out to only $135,294 + you end up completing the loan in 24 years instead of 30. Huge difference!
The savings from such a payment plan are huge and are worth considering if you can afford to make the payments every two weeks. At least, keep it as an option!
Sameer S Panjwani is the CEO and Founder of ChoiceOfHomes.com - Find real estate listings of homes on sale and rent.
Finding a cheap home improvement loan can be a challenge... Read More
We all know that there are a lot of mortgage... Read More
I read a press release the other day which points... Read More
Give yourself time to rebound. Whether you had to turn... Read More
When you are hunting for a mortgage, you will find... Read More
What is a Fixed-To-Adjustable Rate Mortgage?This type of mortgage offers... Read More
Bridging finance is a short-term loan that is used as... Read More
Private mortgage insurance is an excellent method for homebuyers who... Read More
Many Homeowners are not aware of all the options that... Read More
By refinancing your property online you can take advantage of... Read More
Here in Spain the concept of a mortgage period of... Read More
Before you consider taking out an interest-only mortgage, you should... Read More
Borrowing against the value of your home using a revolving... Read More
The popularity of stores like Home Depot and Lowe's show... Read More
If you are a homeowner, it couldn't be easier to... Read More
Asking yourself, "Is a home equity loan right for me?"... Read More
Online homeowner loans have been growing in popularity in recent... Read More
"We will help every Council Tenant to become Home Owners"... Read More
There are numerous reasons a person has bad credit. Late... Read More
Buying a Home for the first time can be a... Read More
Consumers interested in purchasing or refinancing a home will pay... Read More
Your goal is not only to find the best rates... Read More
Why is it that some homes sit on the market... Read More
Obtaining a home loan is arguably the most expensive transaction... Read More
Refinancing your house's mortgage is not the same thing as... Read More
Lots of articles have appeared recently about the booming real... Read More
There are currently more than 50 million home mortgages in... Read More
Are you looking for the best buy to let mortgages... Read More
Are you one of a growing number of people planning... Read More
Are you in the market to purchase a home but... Read More
Getting on top of your mortgage so you can pay... Read More
It isn't difficult to get a homeowner loan if you... Read More
If a mortgage could be paid off in five years... Read More
When you're shopping for a new home-especially for the first... Read More
A mortgage is a loan you take out to buy... Read More
An offset mortgage is very similar to a current account... Read More
Refinancing a mortgage is simply taking out a new mortgage.... Read More
There are some definite benefits to doing a cash out... Read More
Are you one of the millions of Americans who will... Read More
Getting home loans is possibly the biggest step in an... Read More
Applying for a home loan may not be the most... Read More
Finding the best remortgage deals isn't always easy, especially with... Read More
Home loans may seem like a bad idea for people... Read More
Home equity is your own personal money machine. If you... Read More
Getting a quick cash loan, cash advance or payday loan... Read More
When it comes to getting money, you have two basic... Read More
Applying online for a mortgage is very fast and easy.... Read More
For many seniors one of their greatest sources of security... Read More
Online homeowner loans have been growing in popularity in recent... Read More
A new survey reveals that in the last five years,... Read More
Mortgage Refinance Mortgage Refinance |
|
| العاب | منتديات هيدى | الزاوية الحمراء | |
|
Pharaohs products egypt products Egypt shopping Shopping in Egypt sho Egypt Bazaar Pharaohs Shoping Center Egypt Pharaohs |