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Want to SAVE some CASH? Bi-weekly mortgage payments could be the solution! Let GEQ be your hero!
Some say that bi-weekly mortgage payments are helpful when trying to pay off your mortgage quickly. Every 2 weeks you will make your payment saving you TIME and ENERGY in the long run. This adds up to 13 payments total per year, as opposed to 12.
How does that math work?!?
Is it worth switching to a bi-weekly mortgage plan, or is it too risky?!?
Here is a breakdown of the pros and cons of bi-weekly mortgage payments.
Pro: They help you pay off your mortgage faster
Con: You have to do 13 payments instead of 12, ensuring that you will be paying more money. This can be a problem in the case of losing a job, or not being able to pay both payments in the month.
Pro: If you self-manage your “bi-weekly” payments, then you are able to pay more principle and thus able to “skip” a month if necessary.
Con: There is likely a fee to participate in this program.
Pro: bi-weekly payments are GREAT if you can refinance and mortgage rates are low.
What matters: affordability!
If you have a busy schedule and self management is not an option, have your bank DO IT FOR YOU! Simple and stress-free!
Want to relieve some stress? Get pre-approved in 45 seconds and call us NOW at (858) 500-4638 or fill out an online contact form!