comment from mortgages n home loans: We presume that internet users will enjoy this piece of writing by B F Boggan and we are pleased to reproduce this work 'The 21st Century Way To Build Equity' on mortgages n home loans for our audience. Please note that the opinions of the article author are not always the same as that of this website. That being said, why don't you allow yourself to read over it:
This concept soon became the popular choice nationally within less than a decade after it's arrival placing the biweekly payment plan in the forefront of Canada's mortgage industry around 1972 for several good reasons. Consider the following:
1. Most people are paid weekly or biweekly, therefore, it is reasonable to have as an option "biweekly mortgage payments".
2. On a biweekly mortgage payment schedule, one half of a loan's monthly payment is made and credited to the account holder every two weeks. This is equivalent to making 13 monthly payments instead of the usual 12 monthly payments reducing the loan's payoff time.
3. Faster accumulation of equity build up of up to 300%, plus a reduction in interest owed on the loan due to your prepayment is the result of using a biweekly payment schedule; that's without any increase to your monthly output. In other words, you'll get more value per dollar and save thousands as well; as much as 25% to 30% in interest over the life of the loan.
Combine the benefits of a biweekly payment schedule with a union between an Electronic Funds Transfer (EFT) mode of account servicing that is governed by Regulation "E" of the Federal Reserve to a plug into the internet and you will find a super-efficient, safe, consumer-friendly method of paying a monthly obligation that won't take a huge bite from one paycheck. It doesn't take nuclear physicists to understand why this type of arrangement is frequently referred to as the "Common Sense Mortgage".
Now that there's breathing room because money has been "freed-up" and also saved by using a service such as this, go on an excursion for some sunshine, sand and surf, have dinner at a five-star restaurant, or better still, invest in your financial future. It's your money. Once you've tried this equity acceleration program (EAP) for yourself, you'll realize its value.
With more available choices, creating enjoyable lifestyles and looking out for your family's financial well being is easier today than it ever has been. The bad news is that time is not on you side with a standard monthly mortgage payment on a 30 year loan. As a matter of fact, you are not getting the most for your money. The good news is that help is here; the technology does exists giving consumers unparalleled conveniences plus an advantaged boost.
Welcome to the 21st Century.
About The Author Better Business Bureau (BBB) member, Bridgeco Central (BCC) is a distributor and national service provider in the U.S. of the on-line resource the Mortgage Manager Hi-Tech Mortgage Payment Service. To obtain an application to apply for the biweekly payment service at no cost visit http://www.eMortgageManager.net. A password-protected mortgage-auditing program is also included at no cost to the consumer after 6 months of using the service. |