Are Biweekly Mortgage Programs Worthwhile?
A number of companies frequently advertise that they can help you retire your mortgage in a lot less time. These services, which are referred to by several names, including “mortgage accelerator”, advertise that they can cut up to 10 years off of your 30 year repayment schedule. All you have to do to reap the benefits of their system is to sign up by paying a costly fee. Are mortgage accelerator plans worth the money? These programs essentially offer what is known as a biweekly mortgage. The company will charge you several hundred dollars to enroll in their plan, along with a fee every fourteen days. By signing up, you agree to allow them to take one half of your mortgage payment out of your bank account every two weeks. The plans do work, but not because of any financial magic used by the companies that offer the programs. The plans work because you are paying more money. There are fifty-two weeks in a calendar year. By removing one half of your mortgage payment out of your bank accou
