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Prepay mortgage is an unheard of term these - Page 2 - Politics, Business, Civil, History - Posted: 6th Jan, 2009 - 7:24pm
Posts: 14 - Views: 8860
The psychological freedom of not having a mortgage is very appealing to us, but the argument for trying to invest the extra cash at a higher rate is compelling too. What's your take on paying off the mortgage early?
Prepay Mortgage - Page 2
Just to clarify this paying extra is a great way to finish your mortage early but it is not a prepaid mortgage.
A prepay mortgage is where the lender charges you up front for a set number of days so that you are paid ahead and if you is a payment you are ok as it was prepaid. Sort of like a first and last months payment when you rent.
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Some mortgage companies will let you set up bi-weekly mortgage payments. You pay half your mortgage every two weeks. Since there are 52 weeks in the year you end up making an extra mortgage payment and after the first year you are prepaying your mortgage. This not only pays your mortgage off faster, it saves thousands in interest payments.
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TOPIC: Prepay Mortgage