The Benefits of Paying Twice

The Benefits of Paying Twice

As a professional financial planner, I’m often in the position of giving advice to clients looking to build a more secure future, but occasionally I have the pleasure of helping out a friend. And that’s exactly what happened not long ago.

I recently got an excited call from my oldest friend – they put a bid on a house and it was accepted. Let me tell you why this is such a big deal for them. Due to illness a number of years ago, they fell behind on the mortgage of their old house. They ended up having to short-sale that house and have been renting for the past few years. Now that their credit is clear, they can be homeowners again. They will feel rooted again in a city that they love.

My friend told me about their rate and terms and I suggested that they look into paying their mortgage on a biweekly payment schedule. If their payment is split into two payments per month, they will end up actually paying the equivalent of 13 mortgage payments per year. This could potentially knock 10 years off of the life of their mortgage. That is a huge savings – one that I recommend many of my clients look at for themselves. Whether I am helping a client plan their retirement or helping my oldest friend, if I can give them advice that will help pay off a debt sooner, they will have more time to save for themselves. It is a win-win all the way around. Please go to AutoPayPlus and check out your mortgage options.

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Nancy Hecht, CFP®, AIF® has been in the financial planning profession since 1983 and has been with Certified Financial Group, Inc. in Orlando since 1988. As both a Certified Financial Planner™ and an Accredited Investment Fiduciary® (AIF®) professional, Ms. Hecht provides extensive financial planning services, which include retirement planning, estate planning, and investment management.

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