October 9, 2006 12:13 AM
What Is Bi-Weekly Mortgage Payment?
Truth be told, if you have a bit patience, you can do it yourself without paying anything for the "priviledge" to get your mortgage off your back years earlier. All you need to do is to send in the payments regularly.
From Real Estate ABC:
Have you received an advertisement offering to save you thousands of dollars on your thirty-year mortgage and cut years off your payments? With email "spam" becoming more pervasive as everyone tries to "get rich quick" on the internet, these ads are popping up with troublesome regularity.
The ads promote the "Bi-Weekly Mortgage" and for the most part, do not come from a mortgage lender. Exclamation points punctuate practically every claim:
- No closing costs!
- No refinancing!
- No points!
- No credit check!
- No appraisal!
- Save thousands!
- Cut years off your mortgage!To achieve these wonderful savings all you have to do is allow half of your mortgage payment to be deducted from your checking account every two weeks. It’s easy. Of course, there is a small "set-up fee" and usually a "transaction fee" with every automatic deduction.
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