How does the Mortgage Payoff Acceleration Program work and how much does it cost?
Instead of paying your lender once a month, on our program, you pay only one half of your regular payment every two weeks. Using this biweekly system, extra funds gradually accumulate in a Bank Trust Account, which are periodically applied against the most recent principal balance due on your loan. Instead of writing a check, your payments are electronically debited from your bank account through the Automated Clearing House, a division of the Federal Reserve System. Using our system, you never have to worry about writing checks or losing a check in the mail. We will process your accelerated mortgage payments for you to avoid errors and to ensure accuracy. Through this method, 26 payments are made over the course of the year, the equivalent of 13 monthly payments rather than 12. All the extra payments are applied exclusively towards a reduction in the principal of the mortgage. For example, take an average $100,000 mortgage for 30 years at 8.5% interest. Making regular payments, you wo
