Personal Finance: Don't pay a fee to enroll in a biweekly mortgage payment plan - latimes.com
You can set up a plan at no cost to pay off your mortgage faster. By doing this on your own, you give yourself more options and flexibility.
By Kathy M. Kristof Personal Finance
November 28, 2010
Biweekly mortgage payment plans are back.
"Don't miss out!" proclaims a pitch from Citibank's BiWeekly Advantage program. "The BiWeekly Advantage Plan is a convenient mortgage budgeting plan that can help you save thousands of dollars in interest and pay off your mortgage sooner."
Although many people receiving the recent pitches have never heard of biweekly mortgages, they have been around for decades. They simply got mothballed when consumers were more interested in adding to their debt with home equity lines than they were in paying off their loans faster.
What they do is simple: They divide your monthly mortgage payment in half and then automatically debit your account for those half-payments every other week. Because there are 52 weeks in a year — thus 26 half-payments — you've made 13 full payments by the end of the year.
READ MORE FROM THE ORIGINAL POST: Personal Finance: Don't pay a fee to enroll in a biweekly mortgage payment plan - latimes.com
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