The Financial Oracle

Young and inspired striving for financial freedom and all the perks that come with it, all while still having fun before I die and leave all of my hard earned money to my unborn children.

Wednesday, November 22, 2006

Bi-Weekly Mortgage Program

Last night I officially signed up for the bi-weekly mortgage program through my lender. Actually, it's semi-monthly with a little added to the principle at each draft, so it equates to the same thing as a bi-weekly draft. It will cut 7 years off the life of the mortgage and over $60,000 in interest savings, and that's if we decide to not put any additional payment toward the principle. After our cars are paid off, I'll be looking to tack on an extra $100 toward the principle per month. Most importantly, this program will build equity in our home 3 times faster than making a regular payment! I recommend everyone do this. Not only because of the reasons above, but because it will make it MUCH easier to budget our money and it lightens the one time monthly hit on your checking account. It cost us a one time setup fee of $195 to enroll, and it'll be worth every penny!



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