Bi-Weekly Mortgage payments? Are they good or bad?

THERE HAS BEEN A LOT OF PUBLICITY ABOUT HOW CONSUMERS CAN SAVE BIG BUCKS BY PAYING THEIR MORTGAGE ON A BIWEEKLY SCHEDULE.   WHILE THIS IS TRUE, THE HIDDEN FACT IS THAT MOST PLACES HAVE A CHARGE TO DO THIS SERVICE WHICH CAN AMOUNT TO A COUPLE OF HUNDRED DOLLARS.

ANYONE CAN ACCOMPLISH THE SAME THING BY:

1-   SETTING UP A NEW SAVINGS ACCOUNT AT THEIR BANK. 

2-   HAVE THE MORTGAGE PAYMENT AUTOMATICALLY DEDUCTED FROM THE SAVING ACCOUNT EVERY MONTH

3-    THEN HAVE THE SAVING ACCOUNT DEDUCT ONE HALF OF THE MORTGAGE PAYMENT AUTOMATICALLY FROM THE CHECKING ACCOUNT EVERY TWO WEEKS.

 AT THE END OF THE YEAR THERE WILL BE:

·       ONE ADDITIONAL PAYMENT IN THE SAVINGS ACCOUNT

·       THE BORROWER WILL HAVE MADE INTEREST ON THEIR MONEY

·       THEY WILL HAVE AVOIDED THE ADDITIONAL FEES

FINALLY, THERE HAS BEEN PROBLEMS WITH SOME OF THE COMPANIES THAT HAVE OFFERED THIS SERVICE.

IN TEXAS, A COUPLE OF YEARS AGO, A NOW DEFUNCT MORTGAGE COMPANY SENT TEAMS OF DOOR TO DOOR SALES PEOPLE TO THE HISPANIC NEIGHBORHOODS TO SELL THEIR BIWEEKLY PLAN.  THEY CHARGED AN OUTRAGEOUS AMOUNT AND THEN PROCEEDED TO PAY THE CLIENTS PAYMENTS LATE TO THE BANK.

 Just another friendly tip from your local Myrtle Beach & Pawleys Island Realtor, Jake Lee. Don't hesitate to call Jake if you have any questions about  ANY Real Estate or Real Estate Investments in South Carolina. Also, visit us on the web at www.SCRealEstatePartners.com to start your home search today!!! We don't just sell homes we sell a lifestyle and create friendships!!