Colli Real Estate

We have more debt and now have 140,000 on Home Mortgage-30YR note. I heard every two weeks or two months?

the payments to be faster. Any thoughts on this? If I just send extra payments and they apply it? Thank you for your help

Payments on schedule bi-weekly or bi-monthly can help if the mortgage calculate interest in such to take into account these types of payments. Most home mortgages do not really work like that. Here's how it could function. Let's say your balance is 140,000 and your annual rate of 8%. The most loans being calculated on the basis of a monthly accounting period which is to say they take the balance at the beginning of the month and multiply that by the annual percentage divided by 12. In your case, it would be 140,000 / (.08/12). This determines interest due for this month. Some loans (oldest) does this by accounting calculations so that the daily interest rate would be calculated as such: 140 000 / (.08/365). Thus, in calculations monthly accounting period to pay an amount at the beginning of the month will not allow all Balance at the beginning of the month is used to calculate the interest due. In a period acounting daily, there is an advantage because there will be a decrease in the balance the latter half of the interest savings if not more depending on your investment strategy, the more money you'll hand, if something were to happen and you need a large quantity. Instead of going into debt to help in emergencies and to bear an interest rate high (greater than the mortgage), you can use the money you have. Hope this helps and good luck!

Mortgage Payments $10.44 Updated to reflect current rates, these quick reference tables show the size of monthly payments necessary to amortize loans on amounts up to $600,000 over periods ranging from one to 40 years …

The Mortgage Messenger’s HomeBuyers Handbook $3.09 The Mortgage Messenger’s HomeBuyers Handbook is a great tool for anyone interested in purchasing a home. Whether you are a first-time buyer or seasoned homeowner, the economy, new regulations and changes in the marketplace has made buying a home more complicated.This handbook will walk you through the steps of purchasing a home while sharing valuable suggestions on how to make the process work for you.Included in the handbook is an explanation of the mortgage lending process, reasons to use a home inspector and how to select one, the benefits of using a real estate professional and, of course, an explanation of the entire homebuying process.Jim Campanella, a twenty-five year lending veteran, maintains a mortgage blog and website, The Mortgage Messenger, to help homeowners who are struggling to make their payments, as well as, first-time buyers who need advise and assistance in preparing for their desire to achieve the American Dream of homeownership.

Tags:   amortization,biweekly · finance · house/buying · mortgage · mortgage bi monthly payments · referenceNo Comments