Nationwide Biweekly Administration

[JeCa2224]

I got a letter from them describing a new biweekly mortgage payment schedule that can eliminate 6-10 years of interest off your loan. I checked out their website Nationwide Biweekly Administration, Inc. - Save thousands with the Interest Minimizer Program I'm thinking about doing this. Does anyone pay their mortgage this way?

 

[butterfly08]

Hi!
It definately will save you a lot of money. I'd rather have one monthly payment so I'm just going to pay extra to the principal every month to equal that one extra payment a year.

 

[JeCa2224]

Hey

That sounds good. I guess either way would save you money.

 

[GWguy]

You can do that yourself without changing mortgage companies or going to any kind of closing. Just pay half of your mortgage 2 weeks early and make sure it's applied to your principal.

I have a "Bi-Saver" plan thru my mortgage company, so they auto deduct it twice a month. It didn't cost anything to initiate it. and it's not new. I've been doing it for about 15 years already.

 

[GWguy]

Hi!
It definately will save you a lot of money. I'd rather have one monthly payment so I'm just going to pay extra to the principal every month to equal that one extra payment a year.

Maximize that by adding the extra payment at the beginning of the month, not halfway thru the cycle. You'll get more off the interest and pay down faster, ie still two payments.

 

[JeCa2224]

You can do that yourself without changing mortgage companies or going to any kind of closing. Just pay half of your mortgage 2 weeks early and make sure it's applied to your principal.

I have a "Bi-Saver" plan thru my mortgage company, so they auto deduct it twice a month. It didn't cost anything to initiate it. and it's not new. I've been doing it for about 15 years already.

My mortgage company doesn't offer an automatic debit twice a month, only once a month. I called this NBA place and they charge a $245 enrollment fee plus $3.50 for each debit! I think, for now, I will pay half my mortgage 2 weeks early and make sure its applied to my principal- like you suggested. Thanks.

 

[ProfMoneyWise]

You are correct in not paying to do something which is nothing more than making 13 payments a year. Many ways you can do this on your own as you already know.