How does a BI-Weekly or Equity Acceleration Mortgage work?
The Bi-Weekly mortgage plan has been endorsed by financial analysts everywhere from the Wall Street Journal to Consumer Reports. This is a plan that breaks your monthly mortgage payment in half and is paid every two weeks. Since interest on a mortgage is calculated based on outstanding principal, you will drastically reduce the amount of interest you will pay over the life of the loan. The Bi-Weekly mortgage plan will build equity at over 2.5 times faster than a monthly mortgage.
With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
The Bi-Weekly mortgage plan has been endorsed by financial analysts everywhere from the Wall Street Journal to Consumer Reports. This is a plan that breaks your monthly mortgage payment in half and is paid every two weeks. Since interest on a mortgage is calculated based on outstanding principal, you will drastically reduce the amount of interest you will pay over the life of the loan. The Bi-Weekly mortgage plan will build equity at over 2.5 times faster than a monthly mortgage. What is an FHA mortgage? The Federal Housing Authority is a government agency that insures lenders against default by borrowers. FHA loans require less money for down payment and somewhat more liberal credit guidelines. One must carry mortgage insurance for the life of the loan with FHA. This can add to the cost of credit but it will allow many more people the advantages of home ownership. What is a VA mortgage? These types of loans are available for US Military Veterans only. The advantages for Veterans are t
