If you have a mortgage, you're probably looking for the best option to pay it off. Monthly mortgage payments are an easy-to-manage way to pay for your house - in fact, they're the most common form of mortgage payment  but now, many homeowners are discovering that biweekly payments offer them better results. So is a biweekly payment the better option for you? Which payment strategy best fits your individual circumstances? Here's what you need to know. Biweekly Payments: Pay Off Your Mortgage Faster and Save on Interest Biweekly payments are becoming increasingly popular for a variety of reasons. With a biweekly payment, you'll pay less money in total interest payments over the course of … [Read more...]

When applying for a new mortgage or after closing, many may have the option to choose between a single monthly mortgage payment or smaller bi-weekly payments. There are benefits and drawbacks associated with both options, and some personal financial considerations may need to be reviewed in order to make a decision that is best for the individual. With a closer look at the pros and cons of both options, homeowners or home mortgage applicants can make a more informed decision. Easy Budget Management For Some With a single monthly mortgage payment, there is often a need for those who get paid two or more times per month to properly budget so that they can comfortably manage the large mortgage … [Read more...]

A home mortgage payment can be a large or even the largest expense in a person's budget, and not having this payment any longer can be a life changing experience. Because of this, you may be dreaming about the day when you no longer have to make this payment. Some people may even actively make extra payments to their mortgage in order to pay the outstanding balance off more quickly. These may be funds from an IRS tax refund, cash received from the holidays or a birthday or some other windfall. Before you make the decision about whether to use spare funds to pay your mortgage down more quickly, consider these pros and cons. The Benefits of Making Extra Mortgage Payments You can shave many … [Read more...]

If your personal budget is similar to many other people's budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income. Understandably, you may be focused on trying to pay this expense off early. By focusing on this payment, you can build equity and may be able to achieve financial security more quickly. You simply have to find a way to put aside a bit of extra cash regularly so that you can make extra payments, and there are few easy ways that you can consider. Use Your Tax Refund First, if you are one of the many taxpayers who receives a refund each year, … [Read more...]