Biweekly Mortgage Payments
The average home owner makes the minimum monthly payment on the mortgage. Well, making your payments the way the lenders wants you to is how the lender wins.
Do you ever wonder why lenders don't advertise biweekly mortgage payments? Lenders make their money on the interest they collect on your mortgage loan, which is why they want you to pay the minimum payment once a month. Simple as that.
My job as a Senior Mortgage Banker is to show you how to save money on your mortgage. Whether that's helping with lowering your interest rate with a refinance or showing you how to be smart when making your mortgage payment. I'm here to help.
In order to pay off your mortgage early and save thousands of dollars in interest on your mortgage loan, then you need to stop paying the way the lender wants you to.
This is the best way to make your mortgage payments:
Biweekly Payments - You make half of your mortgage payment every 14 days. This will equal two extra half payments a year. Most likely you are paid from your job biweekly, so if you set up your half payment the same day you are paid, your payment will never change.
Here is an example of exact savings for a mortgage loan that may be similar to yours. If your mortgage balance or interest is any higher than this example, your savings will be greater.
Example:
- $150,000 loan amount.
- 5.5% interest rate.
- 30 year term.
You will reduce your mortgage term 5 years and 1 month and save $31,454 in interest.
You do not have to refinance your mortgage to setup your payments biweekly, you can setup biweekly mortgage payments at anytime. Your first payment can be setup before you make your next regular mortgage payment.
I can help you setup your mortgage payments whichever way is simpler for you to manage, because you can also setup your payments to be paid weekly or once a month. It's setup on automatic electronic debit for any day you prefer. That's it.
Please fill out your information below to be contacted for setup or if you have any questions.
