Tennessee Mortgage Documents
Tennessee Mortgage Documents
Fortnight Mortgage – Save money!
A biweekly mortgage can save you money!
You know, after paying 15 years into a 30-year mortgage, you can still pay 90% of the amount borrowed?
This simple method to make your mortgage payments to pay dramatically … the saving of several years of payments. Paying twice a week does not pay your mortgage twice a month – which means to divide the payment in half and pay that amount every two weeks. And what a difference!
Using a payment schedule every two weeks will cut years of your mortgage and rapidly increase the value of your home.
How does it work?
It's really easy! Instead of a monthly mortgage payment … you make a payment every two weeks. This automatically adds an extra payment each year, which actually reduces the principal of your loan.
For example, we will use $ 100,000 of mortgage interest rate of 7%. Its principal and interest payment would be about $ 665 per month. Cut in two and pay $ 332.50 every two weeks. You then have an additional payment at the end of the year to go directly to your capital. It is unbelievable that this would reduce its 30-year mortgage with a loan of 23 years … saving nearly 35,000 in the process, right? The higher the loan, The most dramatic savings will be.
If you are interested in having a mortgage every two weeks, call your lender and ask for the cash management … or someone who can help with the investigations of payment. Learn about your options for all mortgage two weeks. However, always make sure that the extra payment is applied directly to the principal balance. (Nor would keep track of call and the name of the person who spoke with … Just for future reference.) If your lender does not have a provision of this option, contact us and we can help in many ways pay off your mortgage early.
Another way to repay your mortgage is too early to see your amortization schedule and determine the amount of any payment made is applied to principal. Just add the small amount of your monthly payment and you begin to see a reduction in your principal balance. For many years, the amount that applies to your administrator will be very low. But even pay that small amount can make a big difference in your loan.
Remember to always read the fine print of your loan documents. Sure there is no prepayment penalty. And if there is a penalty that is often for a specified number of years. In general, you can pay a certain percentage of their principal balance on an annual basis, before any prepayment penalty applies. Do your research really worth. And a loan amortization schedule twice a week also give their fruit – big!
Remember, you pay the same amount of payment … but by dividing it into two smaller payments. Just a bit more bookkeeping. The savings will be yours!
About the Author
Pam Rumley is a veteran real estate broker in the Nashville, TN area. She is a true Exclusive Buyer’s Agent. There is never a conflict of interest regarding your real estate transaction. You can be assured of receiving 100% of her attention and loyalty – 100% of the time.
For more information, visit her comprehensive website, www.NashvilleRealEstateAuthority.com
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