How can I find out which company offers a biweekly mortgage without calling them and hearing the whole sales pitch?
2007-01-31 11:10:11 · 4 answers · asked by Winter_Decay 3 in Business & Finance ➔ Renting & Real Estate
Chase mortgage offers it, for sure. Really, all you have to do is google "Bi-Weekly Mortgage Payment" and you will get your answer. All companies offering it are bound to pop up.
2007-01-31 11:30:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Check out your local bank or credit union where you have your checking account.
Also, I had a VP of a bank tell me never to get a biweekly mortgage because you can't change your dates. He warned that many people can change from regular to biweekly, but you may NEVER change back to monthly.
Also - they have fixed dates.
Monthly - you may pay from 1st to the 11th approximately - and if you have electronic payment - you can wait until the 11th and it won't be late.
However with biweekly - you must pay on or before that day only, and you can't change that.
You can always - make more payments - say 13 or 14 a year instead of 12, but you can't ever miss the biweekly payment otherwise you are in default.
GOD bless us always.
CPA-retired
2007-01-31 11:20:34 · answer #2 · answered by May I help You? 6 · 0⤊ 0⤋
I think it's an option the mortgage company automatically offers. Most people like to pay bi-weekly just because they can save a good sum of money each year.
2007-01-31 11:41:01 · answer #3 · answered by Girls M 4 · 0⤊ 0⤋
Not sure about the restrictions detailed above - but they make sense to some extent. Most lenders I work with have these programs. I would recommend doing what is suggested above as well. This gives the same result without the mandated time frame and with the protection of not having to pay it if you don't have the money.
Best of luck.
Joe...
2007-01-31 11:24:32 · answer #4 · answered by Joe K 3 · 0⤊ 0⤋