Mortgage Biweekly Payments [mortgageloan-processor.blogspot.com]
They are now usually more cautious about the 'bigger picture'. So they also factor in possible future interest rises, and calculate whether you'd still be able to afford your mortgage payments if rates went up. You'll need to show your lenders how much ... How much can I borrow for a mortgage?
Almost anybody with a mortgage will tell you that they would do almost anything to have their mortgage paid off early. For this reason, many people choose to pay their mortgage biweekly instead of monthly. If you use this method you will spend less in interest and take years off of your mortgage term. How does something like that work?
When you pay your mortgage biweekly instead of in monthly instalments, you take the normal monthly cost and divide it by two, paying one half every two weeks. If your monthly payment was $ 1,000 then you would pay $ 500 every two weeks. You end up paying more per year, because instead of making 12 monthly payments, you are making 26 biweekly payments. You will pay $ 1,000 more per year and the total you paid per year would go from $ 12,000 to $ 13,000. If you use this method you can easily take years off of the end of your mortgage.
People also use mortgage cycling as a way to save a lot of time on their mortgage.
This method is explained in great detail in "Mortgage Cycling Revealed", but I will go over the basic idea of it with you. While you are paying your regular monthly payments on it, you should be saving extra money on the side. When that extra money gets high enough, you make a large lump sum payment onto your mortgage. If you continuously follow this cycle then you should be able to pay your mortgage off in as little as ten years.Mortgage biweekly payments and mortgage cycling are both great ways to pay it off ahead of schedule. When the burden of your mortgage is gone, you will be able to use that money for other things like renovations, a new car, or schooling for your children.
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