|
Frequently
Asked Questions
Why
most do-it-yourself payment plans don't work
Although
you have the option of accelerating principal reduction on your
own, experience has shown that most Americans simply do not have
the extra cash to make additional lump sum payments. Moreover, the
great majority of homeowners, in fa ct,
do not attempt to make additional principal payments.
Most
of all, they don't know how
The
truth is the average homeowner doesn't know how to check their mortgage
to make sure it is being done correctly. Was the additional payment
applied to principal, or was it applied to principal and interest,
or just interest alone? Then how do you verify it? Most of us have
always depended on the bank to do the right thing, haven't we?
Can
banks offer biweekly mortgages?
Yes,
banks can offer a true biweekly mortgage, but the cost of originating
a new biweekly loan can often be many times higher than simply enrolling
in the Mortgage Payoff Acceleration Program. |
