Biweekly Mortgage Plan - Information and Advice

"Use a biweekly mortgage plan to build home equity fast."

Biweekly Mortgage Plan: Homeowner’s all over the nation are changing the way they pay their mortgages. While monthly payments used to be the standard way the average household paid their house payment, more and more homeowners are changing to a biweekly mortgage plan.

Why? The answer is quite simple, and quite surprising.

Homeowners who are using this up and coming payment method are saving tens of thousands of dollars and paying their mortgages off years in advance.

Think it sounds like a fairy tale? It’s not.

By paying your mortgage every other week, instead of once a month, you are making the equivalent of one extra mortgage payment per year. This shaves years off your mortgage while saving you thousands of dollars in the process.
 

How significant are the savings from biweekly mortgage payments?

Take a thirty-year mortgage of $100,000 at 7.875 percent interest.

By paying this mortgage bi-weekly, instead of monthly, the homeowner will have their mortgage paid off approximately seven years earlier than if paying a normal monthly payment and will have saved over $40,000 in interest over the lifetime of the loan.

That’s a brand new luxury car!

There is absolutely no reason why homeowners shouldn’t take advantage of the savings this method has to offer them.

Homeowner’s who use the excuse that they don’t have the money to pay a consultant or firm to set up the plan for them probably don’t realize the plan is rather simple and with the proper tools, they can do it themselves.

If you’re reading this article and you’ve never heard of a biweekly mortgage plan, you might be wondering if it’s really as good as it sounds; and if it is, why you’ve never heard of it before.

It’s surprising how few people know about bi-weekly payment methods.

It could be that banks don’t want consumers knowing about it, because while it saves consumers thousands of dollars, that’s thousands of dollars of profit that the lenders won’t ever see. Profit lost isn’t something banks normally look favorably upon.

Now that you know the option is out there, you may want to look into taking advantage of it.

What would you buy with the money you save?
 

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Written by Craig Romero

Free report on how to implement a proper bi-weekly payment plan visit: www.wisemortgageinfo.com

Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.

Related Pages

Biweekly Mortgage Reduction Program - Information and tips for implementing a biweekly mortgage reduction program using a payment schedule - Pay off your home loan ten years early.

15 Year Mortgage - Advantages of a 15 year mortgage loan - Build equity faster with a 15 year loan - Save a hundred thousand dollars or more in mortgage interest payments.

Paying Off Your Mortgage - Advice on paying off your mortgage - Pay off debts first and fund your retirement - Pay off your mortgage loan and earn double your interest rate.

Mortgage Reduction Program - Learn how to pay off your mortgage seven years early with a mortgage reduction program - Easy do it yourself tips for paying off your home loan early.

Bi-Weekly Mortgage Payment Plan - Information and tips on implementing a bi-weekly mortgage payment plan - Pay off your mortgage 10 years early!
 

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