Comments on: Don’t Waste Your Time and Money on “Bi-Weekly” Mortage Payments http://life-of-brian.com/2008/12/dont-waste-your-time-and-money-on-bi-weekly-mortage-payments/ My name is Brian. Welcome to my life. Wed, 01 Feb 2012 02:12:29 +0000 hourly 1 http://wordpress.org/?v=3.3 By: M Emming http://life-of-brian.com/2008/12/dont-waste-your-time-and-money-on-bi-weekly-mortage-payments/comment-page-1/#comment-2185 M Emming Wed, 01 Feb 2012 02:12:29 +0000 http://life-of-brian.com/?p=876#comment-2185 The really "great" thing about GMAC is if you make that bi-weekly payment directly to them through your checking account - they won't apply the payment to your principle - instead, they apply it to your next payment due. After doing this for 5 years, to I just realized that I don't owe a payment until next year. And to get it fixed, is a nightmare. NEVER again will I use GMAC mortgage. The person I spoke with didn't have a good grasp of the english language and kept repeating the same words that appeared on her screen - she had no idea what I was trying, very patiently to her. The really “great” thing about GMAC is if you make that bi-weekly payment directly to them through your checking account – they won’t apply the payment to your principle – instead, they apply it to your next payment due. After doing this for 5 years, to I just realized that I don’t owe a payment until next year. And to get it fixed, is a nightmare. NEVER again will I use GMAC mortgage. The person I spoke with didn’t have a good grasp of the english language and kept repeating the same words that appeared on her screen – she had no idea what I was trying, very patiently to her.

]]> By: Jack Sweeney http://life-of-brian.com/2008/12/dont-waste-your-time-and-money-on-bi-weekly-mortage-payments/comment-page-1/#comment-1687 Jack Sweeney Tue, 23 Aug 2011 21:11:30 +0000 http://life-of-brian.com/?p=876#comment-1687 I stumbled upon a site called Half A Payment (halfapayment.com) they charge a small fee that is not even charged up-front but rather taken from the additional payment. I think I agree with Dawn, I can't imagine myself putting money aside and sending it once a year, for a 1 time small fee that I won't even feel i rather just sign up, but before I do any thoughts? I stumbled upon a site called Half A Payment (halfapayment.com) they charge a small fee that is not even charged up-front but rather taken from the additional payment. I think I agree with Dawn, I can’t imagine myself putting money aside and sending it once a year, for a 1 time small fee that I won’t even feel i rather just sign up, but before I do any thoughts?

]]> By: Dawn http://life-of-brian.com/2008/12/dont-waste-your-time-and-money-on-bi-weekly-mortage-payments/comment-page-1/#comment-1486 Dawn Tue, 22 Mar 2011 14:46:10 +0000 http://life-of-brian.com/?p=876#comment-1486 I've known that's how biweekly programs work but I signed up for one because I just wasn't paying the extra on my own. Plus, having half the amount I'm used to, coming out every time I'm paid, is a lot easier to manage financially that adding extra to an already high mortgage payment. I dunno, after talking with friends and trying to do it myself, paying a small amount of money to have it done for me just seems to work better. Also, in your article you said "If you have a monthly payment of $1200, not counting any applicable escrow, add $1200 to your December mortgage payment" but that won't save you the 23 years and 25% of interest that these programs advertise. The trick is to make an additional payment INCLUSIVE of the amount that would go to escrow. So if P&I is $1200, but PITI is $1500, to get the same savings you'd have to pay an extra $1500/year, whether you do it annually, monthly, or biweekly. Just thought I'd clear that up. I’ve known that’s how biweekly programs work but I signed up for one because I just wasn’t paying the extra on my own. Plus, having half the amount I’m used to, coming out every time I’m paid, is a lot easier to manage financially that adding extra to an already high mortgage payment. I dunno, after talking with friends and trying to do it myself, paying a small amount of money to have it done for me just seems to work better.

Also, in your article you said “If you have a monthly payment of $1200, not counting any applicable escrow, add $1200 to your December mortgage payment” but that won’t save you the 23 years and 25% of interest that these programs advertise. The trick is to make an additional payment INCLUSIVE of the amount that would go to escrow. So if P&I is $1200, but PITI is $1500, to get the same savings you’d have to pay an extra $1500/year, whether you do it annually, monthly, or biweekly. Just thought I’d clear that up.

]]> By: ELLA WEISS http://life-of-brian.com/2008/12/dont-waste-your-time-and-money-on-bi-weekly-mortage-payments/comment-page-1/#comment-1252 ELLA WEISS Sat, 05 Jun 2010 17:15:07 +0000 http://life-of-brian.com/?p=876#comment-1252 Thank you so much for breaking the bi-weekly process down so anyone can understand it. I will take your advise and pay a payment at end of year and save all those hidden cost. Blessings to you and your family. Thanks again, Ella Thank you so much for breaking the bi-weekly process down so anyone can understand it. I will take your advise and pay a payment at end of year and save all those hidden cost. Blessings to you and your family. Thanks again, Ella

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