20 Jul 2007 06:54 am
Additional principal payments will save you money.
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| Biweekly mortgage payments schemes don’t do much for you, yet they tend to cost a lot in fees and expenses. You can do as well on your own by making an additional principal payment each month with your current mortgage. You definitely don’t want to refinance your 4.5 percent mortgage in an attempt to find a way to pay off the loan in less than 12 years. I think you’re confusing the bank’s response on the biweekly mortgage with your ability to make additional principal payments on your loan. Ask your bank what would happen if you made an additional principal payment each month on your loan. Your monthly loan payment wouldn’t go down, but you would shorten the life of your loan. |  |
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