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 How much will it hurt my chances of buying a house if I.....? |
finance a motorcyle that costs $10,000. My equifax score is 687 and my experian score is 724 and I don't have my TransUnion score. Also, I wont be buying a house until October.
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skobie | Making a mortgage payment.. Question>>>>? |
I am thinking of makig 1/2 my mortgage payment every other week instead of one payment each month... This will essentially give me easier cash flow, but will it really matter to the mortgage company (5th3rd)? I mean as long as 100% of the money hits their account each month, who cares?
or will it just confuse the idiots.??? |
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Mortgagemom
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Most lenders, including Fifth Third Bank, have a "Bi-weekly Payment Program". But you need to enroll in the program before you can start making payments that way.
Lenders will not accept a mortgage payment that is less than the full amount unless you have enrolled in such a program.
Call the customer service number, they'll be happy to set this up for you, but be aware that sometimes they charge an enrollment fee.
Also - by making 26 bi-weekly payments, you will be making 1 extra payment a year and will payoff your home much sooner! |
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Jack
 |
If you are going to make 1/2 your mortgage payment every two weeks, set that up with your lender.
In effect you will be paying an extra months payment every year which will lower your amortization.
Most lenders take bi-weekly payments so make sure they are in the loop on this one. No use just having the money sit in the account waiting for a monthly payment to come out.
Smart idea ! |
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Studly
 |
Thank you Mortgagemom! I was wondering if ANYONE would answer this question right!
This is a great way to pay off your mortgage. Not only are you making an extra payment a year, but the payments are immediately applied to the principle and your ending interest rate is much lower.
Go to http://www.imortgageguide.com/calculators/Biweekly.aspx and see just how big an impact it will have! |
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luckylindy0
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You're talking about a bi-weekly mortgage which many banks already have. it will cost you around $400-$600 to start this.But you will pay off your home much quicker and save tons in interest. Call your mortgage people and see if they offer it. Good luck. |
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Mark H
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You have to start by making one half EXTRA payment, otherwise you will be behind every month and incur late charges and interest. |
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shelcom
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Thats a great idea, but talk to the lender and let them know you're doing it. |
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mister ed
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i would contact the mortgage company first and insure it would not throw they system way out of whack. but you could always open up a saving account and have them get their payment directly from the bank on the day the payment is due. than every two weeks if you added just 5 dollars extra to your payment over time you would have a small modest nest egg. |
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coopermom2006
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I would talk to your lender and make sure that they can handle this. If they say they won't do it, or will charge a fee then you can still do it that way. Open a savings or free checking account and put the money into there the second half of the month, then on the first half, take the other half of the payment and combine it with the savings account. If you get a money market account, you may have to keep a certain amount in there (which could be good for emergencies) and have a limited number of transactions available, but if all you are essentially using it for is your mortgage payment, then you should be fine. Good Luck! |
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CupCake
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makes sense to me but you better check with them to be sure its ok to process like that. You don't want to screw up your mtg of all things! |
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Ari G
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I wouldn't bother making bi-weekly payments look into the United First Financial Software I can put you in touch with someone you pay off a 30 year mortgage in about 12 years email me anytime |
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