Question: And then there are the people who get suckered into > them even though they get paid *monthly*!… (Sure, > why not put half your check into a lousy checking > account for a couple weeks and make some whopping > interest that doesn’t even approach what you’re > paying in mortgage interest?)
Answer: But what about the “poor suckers” who get paid bi-weekly or by-monthly, and whose banks or CU’s don’t charge a fee for the service? Do you still consider it an unwise investment to pay your mortgage in this manner? Lets face it: sometimes it’s the only way the “poor suckers” would be able to make the extra payment a year. It wouldn’t go into a savings account or into an IRA or into an investment account–it would go to rent-a-center.
Do banks normally charge fees for biweekly mortgages? Mine does not–am I just lucky?
If I pay my mortgage bi-weekly, with one extra 1/2 payment every six months, it will save me a substantial amount of money and shorten my loan. And using the auto-withdrawl option saves me time, postage, and possible finance charges (on late payments).
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