Monthy Mortgage Payment

choufleurNovember 2, 2003

Some financial planners advise against making biweekly payments because they amount to 13 payments per year in lieu of 12. However, have any of you sent 1/2 payment two times per month so that the payments arrived by the first of the month or your agreed payment date. My mortgage company will charge a one-time set up fee for this payment arrangement, but I can do this on my own through my bank's auto bill payer system. I want to do this to help with my budget planning. Thanks for your comments.

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dave_donhoff

Hi Choufleur,

Just posted a detailed answer to this at the other board you posted it... link below.

Cheers,
Dave Donhoff
Just some mortgage guy ;~)

Here is a link that might be useful: That Homesite - Buying & Selling Homes Forum

    Bookmark   November 2, 2003 at 4:26PM
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kframe19

What it does for you is builds equity more quickly, and reduces the amount of interest you pay overall.

I know some companies and even financial instutions try to charge an extra fee for processing the extra checks.

Be VERY careful that they don't try to hit you with penalties for "late payments" if you do this.

If you start this they may also simply charge you the set up fee, or at least try to.

    Bookmark   November 7, 2003 at 1:39AM
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