Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

biweekly payments

Author Message
Icon Mini Profile b72kids





Joined: 13 Feb 2011

Posts: 1

1.27 Dollars($)
Post Posted: Sun Feb 13, 2011 6:50 pm    Post subject: biweekly payments
Like 0
Dislike 0

my morgage co says if i make biweekly payment they will hold first payment til they get second, is this legal.
I am tring to help cut interest.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
1089.18 Dollars($)
Post Posted: Sun Feb 13, 2011 7:43 pm    Post subject:
Like 0
Dislike 0

Hi bkids,

If you have a formal contract with your lender regarding biweekly payments, then the lender shouldn't hold the first payment till it gets the second payment.

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1310
Location: River Edge, New Jersey
274.62 Dollars($)
Post Posted: Mon Feb 14, 2011 2:32 pm    Post subject: Bi-Weekly
Like 0
Dislike 0

Just pay yourself monthly as always but include extra amount of one twelfth of a monthly principal and interest payment. Your loan will pay off within three months of what a bi-wweekly would pay off and you control the whole thing yourself and just pay monthly like the mortgage company wants.
_________________
John Veenstra, Sr Mortgage Consultant
Approved Funding Corp
Licensed NJ NY CT PA
201-833-0123x278
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.057 seconds.