Real estate blog entries tagged with mortgage accelerationbiweekly payment plans by Robert Smith (Byron Bank)

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Home : Blogs : Robert Smith : Robert Smith's Blog : Tag "mortgage accelerationbiweekly payment plans"

mortgage accelerationbiweekly payment plans: paying my mortgage off early/mortgage acceleration plans - 11/15/07 10:30 AM

Many homeowners opt for a 15 year mortgage, or sign up for bi-weekly payment programs. The question is, is this really the right strategy for most people?
Generally speaking (and I do mean generally, as there is no "one size fits all solution") I believe the answer is no. For those with a low, market interest rate on their mortgage (say, anything in the 7 or 6% range) they would probably be better off investing the difference rather than pay extra on their mortgage.
Example: You are deciding between a $200,000 loan @ 6.25% 30 year fixed, and $200,000 @ 6.0% on a 15 year fixed. The payments … (5 comments)

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Robert Smith

Grand Rapids, MI

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