Is it better to just do a bi-weekly mortgage plan with your lender than invest in a mortgage acceleration solution?
While it is true that bi-weekly mortgage payments will knock several years off of your loan by reducing the amount of interest you pay each month, they present several financial risks.
1. When you lock into a bi-weekly payment plan, you have little leeway if you lose your job or encounter a financial hardship. If you are late on one of the bi-weekly payments, your credit will suffer.
2. Most lenders charge several hundred dollars for bi-weekly mortgage programs.
3. Using a third party bi-weekly mortgage company to make your payments opens you up to the risk of late payments or mistakes due to their system. Even though you may have entered into an agreement with a bi-weekly mortgage company, your mortgage note is between you and the lender. Ultimately, you are responsible.
Mortgage Acceleration leverages an algrithm that systematically creates the highest interest savings possible in the LEAST AMOUNT OF TIME. You are responsible for making your payments, just as you are today. The only difference is that you are following a highly customized plan to help maximize the amount of interest you pay. This is how your mortgage is paid off much quicker and safer than with a bi-weekly payment program.
