Posted on: 16th Sep, 2010 02:54 am
i am thinking about refinancing and combining my 1st mortgage and home equity loan together. if i refinance my monthly payment will be $878 due on the 1st of the month and bi-weekly it will only be $405 every other which is allot easier to handle, but i hear that bi-weekly are just a scam. i am very confused!
Hi jerzydreamer,
I won't say that bi-weekly payments are scam. If you agree to a bi-weekly payment plan, you should ask your lender to mention it in your mortgage docs so that there's no problem regarding the payment. Bi-weekly payments lead to quicker amortization and savings. This will also help you in paying your debts faster.
Take care.
I won't say that bi-weekly payments are scam. If you agree to a bi-weekly payment plan, you should ask your lender to mention it in your mortgage docs so that there's no problem regarding the payment. Bi-weekly payments lead to quicker amortization and savings. This will also help you in paying your debts faster.
Take care.