The
21st Century Way To Build Equity
By: B
F Boggan
Here to stay
and firmly established in the U.S. mortgage market, biweekly
mortgage payments are gaining momentum.
First introduced into the U.S. in the early 1980's by
several small Northeastern Banks, the idea of
biweekly mortgages has its origins in Canada.
This concept
soon became the popular choice nationally within less
than a decade after it's arrival placing the biweekly
payment plan in the forefront of Canada's mortgage
industry around 1972 for several good reasons.
Consider the following:
1. Most
people are paid weekly or biweekly, therefore, it is
reasonable to have as an option "biweekly
mortgage payments".
2. On a biweekly
mortgage payment schedule, one half of a loan's
monthly payment is made and credited to the account
holder every two weeks. This is equivalent to making
13 monthly payments instead of the usual 12 monthly
payments reducing the loan's payoff time.
3. Faster
accumulation of equity build up of up to 300%, plus a
reduction in interest owed on the loan due to your
prepayment is the result of using a biweekly payment
schedule; that's without any increase to your monthly
output. In other words, you'll get more value per
dollar and save thousands as well; as much as 25% to
30% in interest over the life of the loan.
Combine the
benefits of a biweekly payment schedule with a union
between an Electronic Funds Transfer (EFT) mode of
account servicing that is governed by Regulation
"E" of the Federal Reserve to a plug into
the internet and you will find a super-efficient,
safe, consumer-friendly method of paying a monthly
obligation that won't take a huge bite from one
paycheck. It doesn't take nuclear physicists to
understand why this type of arrangement is frequently
referred to as the "Common Sense Mortgage".
Now that
there's breathing room because money has been
"freed-up" and also saved by using a
service such as this, go on an excursion for some
sunshine, sand and surf, have dinner at a five-star
restaurant, or better still, invest in your financial
future. It's your money. Once you've tried this
equity acceleration program (EAP) for yourself,
you'll realize its value.
With more
available choices, creating enjoyable lifestyles and
looking out for your family's financial well being is
easier today than it ever has been. The bad news is
that time is not on you side with a standard monthly
mortgage payment on a 30 year loan. As a matter of
fact, you are not getting the most for your money.
The good news is that help is here; the technology
does exists giving consumers unparalleled
conveniences plus an advantaged boost.
Welcome to the
21st Century.
______________________________
About
The Author
Better
Business Bureau (BBB) member, Bridgeco Central (BCC)
is a distributor and national service provider in the
U.S. of the on-line resource the Mortgage Manager
Hi-Tech Mortgage Payment Service. To obtain an
application to apply for the biweekly payment service
at no cost visit http://www.eMortgageManager.net. A
password-protected mortgage-auditing program is also
included at no cost to the consumer after 6 months of
using the service.
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