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newloan44

http://www.mortgageloan-network.com/


Country: Canada

Language: English

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Mortgage Loan Resources

  • Archived Blog Post

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    Biweekly Mortgage

    If you own your own home and pay a mortgage, you probably receive all sorts of offers from banks who want you to take out a home equity loan, refinance your current loan, or convert your mortgage into a biweekly mortgage.

    The paperwork explaining the biweekly mortgage says that it can cut between five and seven years off your mortgage and save you thousands of dollars in interest. Sounds pretty good, huh? It works quite simply. Instead of paying your mortgage monthly, you pay half your monthly bill biweekly. By paying the bill every other week, you end up making an extra payment each year.

    For example, let's say your monthly mortgage payment is $1,400. If you make 12 monthly payments, you will have paid $16,800 at the end of the year.

    If you pay biweekly, you'll end up making 26 payments each year. So if you pay $700 every other week, you will have paid $18,200 at the end of the year. The end result is that you made one extra payment, which reduces your loan balance and interest charges.

    To Read More On Biweekly Mortgages Visit Here:   CLICK HERE

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