On 6/5/2011 9:30 PM, Ed Pawlowski wrote:

"JimT" 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.

Many people have no idea about how mortgages work. As you say, the
bi=weekly is a scam to get you to send estra money. All you have to
do is send some extra every month and it goes to the principal and
saves a ton of money.

I used a spreadsheet to track my payments and every month I'd see the
big savings at the end when I made the entry. It was a good incentive
to send a few bucks more. Check here for one
http://www.mtgprofessor.com/spreadsheets.htm



Thanks