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Mortgage payments

Anyone do bi monthly payments? We just got something from our mortgage company enticing us to do it. Actually it's from a 3rd party but for our mortgage company. Just wondering if anyone has experience with this? Is it a smart idea? TIA
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Re: Mortgage payments

  • Check to make sure they are not charging you a fee to do it.  Our old mortgage company offered this, but there was a "startup" fee to change the billing to bi-monthly.  Seemed pointless to pay it when I could just make extra payments toward principal anytime I wanted anyway.


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  • My parents did, but I have no clue if it was set up that way or if they chose to make the extra payment every month on their own towards principal. This was a million years ago and a very different time - interest rates were close to 20%! They paid off their mortgage in about 15 years.
  • We do.  When we refinanced last year we had the option to do bi-weekly automatic payments. We opted for that and honestly can't figure out why i did not do it sooner.  It has made life very simple and on weeks $$ is tight (waiting for checks for his business), it is a relief we only have to be sure to cover half the mortgage. 

    I would like to up our amount by another 1000 but for now every single cent is going back into the putting the house together.  

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  • imagesugardumpling:

    We do.  When we refinanced last year we had the option to do bi-weekly automatic payments. We opted for that and honestly can't figure out why i did not do it sooner.  It has made life very simple and on weeks $$ is tight (waiting for checks for his business), it is a relief we only have to be sure to cover half the mortgage. 

    I would like to up our amount by another 1000 but for now every single cent is going back into the putting the house together.  

    This is exactly DH's thinking. He has the same problem with waiting for payments from clients. This would relieve some of the stress. I'm going to look into it further. Thanks everyone.  

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