Saturday, February 16, 2013

Mortgage Biweekly Option, the true.

Couple weeks ago, a little landed on my inbox. It's about "Biweekly Option" payment for mortgage.
Essentially say, if I setup a smaller biweekly payment (half of the monthly payment), I will reduce my loan term from 30 year to about 23.9 years. Therefore, I will save money on interest!

Ding! ... save money ... shoter team loan ... wow all good stuff! :D

So I called the number that they give me on the letter ...

Wait a minute, this is not my lender ... it's another financial instrution. What is going on here?
So I drop the call right away, and then start googling to find out how the "Biweekly Option" really work ... or worthwhile!

In short: No.
Long answer: it's depend, if you really want to pay off your mortgage early ... ya do it!  BUT do it yourself. You don't need the service offer in the letter.

Here is where I findout about this Biweekly option ... the true!

Just in case, if you wonder. I did call my lender, and they don't offer option to pay biweekly. They just say "No".