Most homeowners know it's smart to make more than minimum mortgage payments in order to cut into the principal, but actually going through with the practice is as gratifying as opting for a meal of lettuce over pizza. The long-term gains of sending an extra $500 or so into a mortgage black hole is nowhere near as appetizing as doing something tangible with the money.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Many banks won't do bi-weekly mortgages anymore, but the advantage to the home buyer IS tangible. It cuts 9.5 years off a 30 year mortgage. All you have done to accomplish that is make the equivalent of one extra monthly payment per year and pay half of your monthly payment every two weeks. Check into it. It's a great deal if you can find a lender willing to do it.
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