Pay off your home sooner with biweekly mortgage payments
When you make a simple change to how you approach your monthly mortgage payments, you could pay off your home faster. Biweekly mortgage payments speed up the payoff process, helping you become free from mortgage debt sooner. When you set up automated biweekly mortgage payments, you will begin to reduce the financial impact of debt. Instead of worrying about a mortgage payment each month, you can focus on other things that matter to you like retirement.
Which house do you want?
An accelerated loan payment plan is a novel approach to debt elimination with remarkable benefits. On a $200,000, 30-year fixed rate mortgage at 4.5%, you will pay the bank more than $135,000 in interest by the end of your loan term! Applying principal-only payments will decrease the loan balance to which the interest is applied thereby shortening the term and decreasing the overall cost of your home. Save $27.558.50 and pay off your mortgage almost 6 years early by enrolling in AutoPayPlus.
The Savings Add Up.
Will MortgagePayPlus make sense for you? Take a look at our mortgage interest savings chart below or visit the mortgage savings calculator to enter in your mortgage numbers. With traditional loan payment plans, you pay more interest on a mortgage in the early years and build equity slowly. Extra principal payments early in the life of your loan will put you in a better equity position when it comes time to sell or you’re in your home for the long-term, pay off your home sooner and save money.
Interest Savings on a 30-Year Mortgage Loan on the MortgagePayPlus Program.
Smaller withdrawals are better for cash flow.
MortgagePayPlus automates the home loan payment process for you, debiting your account the equivalent of a half-payment every two weeks (assuming you choose a biweekly payment plan), ensuring your lender is paid on time and tracking principal payments with the lender to confirm that they are applied correctly.
Could you do-it-yourself? Possibly, but our customers tell us that the convenience of “setting it and forgetting it” is worth it, especially when auto, student loans and other bills can be added during open enrollment for no additional enrollment fee.
MortgagePayPlus simplifies your budget. The same amount is debited from your account each time, so it becomes routine and you don’t feel the extra payments. Using MortgagePayPlus is like having a personal trainer for your loan, we get you results!
There are several payment plans available to match the way you are paid: biweekly, weekly, bimonthly, or monthly mortgage payments that accelerate your home loan pay off.
Call (800) 894-5000 to speak to a Specialist today.
Read more about saving money and building equity in your home:
Home Equity comprises the largest portion of many American’s net worth. What can you do to build equity and financial security faster?
The key to saving on your mortgage is to first understand the factors in your monthly housing costs: Understanding and Saving on your Mortgage
After the housing bubble burst, many Americans saw their home equity collapse. Now would be a good time to assess your situation. Learn how to build equity in a down housing market.