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biweekly mortgage, make sense?
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krw
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Posts: 604
biweekly mortgage, make sense?
In article .com,
says...
Hi, I was suggested by friends to switch my monthly mortgage payment
to biweekly. I thought it was a good idea. But after a little
research, it does not make sense to me. First, my lender charge $375
for setup. Second, you pay 26 times, it is the same amount of 13
monthly payment. Third, it saves you very little ( a few dollors every
month ) for the first a couple of years.
My conclusing is that if you payoff or refinance in 5 years, it does
not make sense at all. It would be better to just pay 13 monthly
payments every year. Or, like what I prefer to, pay 108% of the
monthly payment every month. The addtion 8% goes to the pricinpal.
Any ideas?
Sure. You're 108% right. Your bank is trying to rip you off.
--
Keith
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