Biweekly Mortgage Programs: Savings or Scams?
New Pittsburgh Courier; City Edition › October 15, 2009
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Summary
If you're a homeowner, you'll receive similar letters in the mail. Yours will read along these lines. "Take five to seven years off your 30-year mortgage," "Save $30,000 or more in interest off the life of your loan." They're touted as "Accelerated Mortgage Reduction Programs." There's nothing inherently wrong with the concept of biweekly mortgage payments. As a matter of fact, should you participate in a biweekly mortgage payment program, you'll save money and time-two of America's most precious resources. How much money and time will you save? Well, that depends on your interest rate. The higher your interest rate, the more time and I the more money you'll eventually save.
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Biweekly Mortgage Programs: Savings or Scams?
About five times a month I get letters from various companies encouraging me to refer my mortgage clients to them for biweekly mortgage payment programs. They offer me an incentive-if my client becomes a client of theirs, they...
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