On 6/5/2011 6:20 PM, Kurt Ullman wrote:
In astnet,
wrote:

On another subject: The mortgage company is always sending me biweekly
auto pay program suggestions. Those have to be looked inot carefully.
They are usually just a way for the mortgage company to earn more
interest on my money. Best thing to do is just take the two extra
paydays/yr and put it towards principle. But they don't tell you that.
Back in the day, I took out a 30 year mortgage (so I'd have some leeway
in payments) but paid at the 15 year rate. I actually used to get
communications from my lender reminding I really did not have to pay
that much. Amazing the amount of money one has to spend when the kids
are out of college and the mortgage is paid off.


We just refinanced to a lower rate and term. I plan to have mine paid
off in about 10 years if not sooner (assuming my wife doesn't get that
Lexus she always talking about). I'm always sending extra money on
principle and they never complain. I used to make advanced payments
until I found out that did very little towards increasing the
principle/interest payment ratio. If I dropped back to a normal payment
schedule I'd still would have paid the same interest. Seems unfair but I
guess that's the way the computer processes the payments. I never could
get a straight answer. The customer service people were clueless. I
don't think they train them for these situations.

Congrats on paying off your house. I look forward to that feeling!