| Name:
Kelly
Title of Question:
Bi-weekly is a sham! |
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Question: Bi-weekely mortgages are a total sham. They are no different than regular mortgages. You still have to make all of the same payments. People be warned! |
Post Your Answer To The Question Above:
Name:
Peter
| Date: September 20, 2004, 11:12 am
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| Answer:
Calm down. What did you expect from bi-weekly mortgages. There is no magic formula that will help you pay your mortgage. A bi-weekly mortgage just helps you pshycologicaly make an extra payment. |
| Name:
nancy
| Date: September 23, 2004, 4:09 pm
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| Answer:
I think you are mistaken. Bi-weekly mortgages are quite convenient for some people. They actually can help you pay off your mortgage over a shorter amount of time so that you end up paying less money in interest overall. |
| Name:
Tessa
| Date: September 23, 2004, 4:17 pm
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| Answer:
All you have to do is look at a bi-weekly mortgage calculator online to see that bi-weekly mortgages are not a sham. You really can save thousands of dollars and you can pay off your mortgage way faster. |
| Name:
Jeff Mayer
| Date: November 22, 2004, 4:56 pm
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| Answer:
You are not correct! A Biweekly payment makes you pay two more payments to your mortgage since you pay 26 weeks. That means you pay two more payments to your bottom line
Jeff Mayer Home Loans Canada
416 636-8693 |
| Name:
Fred
| Date: November 22, 2004, 9:15 pm
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| Answer:
While Bi-weekly payments due in fact shorten the timeframe as well as interest paid, the fact is instead of selecting that method and having to hold true to it through your lender, simply make an additional payment of $100-$200 per month and mark "For Principal Only" on the payment form. This way for those months or weeks you can't afford the deadline payments of the Bi-Weekly program, you are not dinged for it. By consistently doing this, it will acomplish the same goal. |
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