Mortgage Loan Acceleration and Financial Planning Tools
ORLANDO, Fla. (April 27, 2016) – A new and enhanced mortgage debt acceleration option is now available for many of the 64 percent of Americans who currently own their home as well as the nearly 6 million people forecasted to buy a new or existing home in 2016*. AutoPayPlus announced today it has expanded its automated loan payment service to the mortgage marketplace to help homeowners reach their financial goals faster.
AutoPayPlus is a personal financial management service offering the convenience of automated loan payments plus personal equity building, credit monitoring and protection, and financial planning tools. Since 2003, the company has provided automated loan acceleration services to more than 155,000 consumers nationwide, primarily car-buyers, helping them shorten the terms of their loans while reducing interest charges and accelerating equity.
MortgagePayPlus offers homeowners a number of accelerated mortgage payment options including weekly, biweekly and bimonthly debit withdrawals. “The most popular payment plan is biweekly because that’s how most people are paid,” explained CEO Robert Steenbergh. “It works using simple math.”
Standard mortgage loans require one payment every month. Biweekly loan payments divide this payment in half and pay that amount every two weeks. Because there are 52 weeks in a year, the borrower makes 26 biweekly payments over the course of a year (the equivalent of 13 monthly payments) with the extra payments applied to the principal. On a monthly basis, the payment amount is the same. However, an extra month’s payment a year can reduce interest and shorten the term of the loan.
More than just a biweekly mortgage program, MortgagePayPlus also provides customers with access to a free financial planning toolkit to help them automate other bill payments, organize their finances, monitor their credit, and create a budget and savings plan for the future. The resources available include monthly VantageScore® 3.0 credit score with trending from TransUnion®, and credit monitoring and instant alerts from TransUnion® to help prevent identity theft.
AutoPayPlus is a personal financial management service offering loan payment and personal equity building, credit monitoring and protection, and financial planning tools. Founded in 2003, the company is an industry leader in early loan payoff services with an A+ rating from the Better Business Bureau and is fully compliant with all regulatory issues relevant to the marketplace. For more information visit http://www.autopayplus.com.
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* Based on February 2016 data from the National Association of Realtors’ existing-homes sales forecast of 5.38 million and the U.S. Census Bureau’s seasonally adjusted annual rate of 512,000 for sales of new single-family houses.