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Bi-Weekly Mortgage

by: Sam Orlando

A great way to pay your mortgage off early, (up to 10 years of payments), and save literally 10's of thousands of dollars without a lot of effort.

A bi-weekly mortgage is where you pay 1/2 of your payment every two weeks instead of one payment once a month. You may say well how can that save me that much money, isn't it the same thing? No it is not, you actually end up making one extra payment per year, that goes directly on the principle. You see there are 52 weeks in a year which would be 26, 1/2 payments. Say for example your payment was $1000/month. 12X$1000=$12,000.  Now if you pay $500 for 26 payments 26X$500=$13,000 the extra $1000 would go directly on the principle.

You can check for yourself just how much you can save and how early you can pay off your loan at by clicking here

If you search for "bi-weekly mortgage" with an Internet search engine, you will be overwhelmed by the number of companies offering "Bi-weekly Mortgage Reduction Services" or "Bi-weekly Savings Programs."

Beware of Bi-Weekly Mortgage Reduction Services and Savings Programs.

You can do it yourself without having to pay a company to do it for you, by simply dividing your payment by 12 and sending in that much extra each month. Just make sure and tell your mortgage company that you want the extra funds to go directly on the principle.

These "Reduction Services" and "Savings Programs" are charging you fees to "make a bi-weekly mortgage payment" for you. The enticement is that they will save you an impressive amount of money on your mortgage and reduce the number of years you pay on your mortgage.

If you want to pay your home off early and save a lot of money, this is a great way to do it.  Call me if you have any specific questions on the process.

Sam Orlando

Broker/Owner, First Texas Realty

281-344-0007