Refinancing can be a very simple process. You fill out a few applications, take the best offer and you’re done. You already own your home, so, depending on your broker, the whole process can be fairly simple. Just be careful and make sure you do your homework before you accept a refinance loan offer. You will want to make sure that you get as many refinance mortgage loan offers as possible and talk...

True Savings With Biweekly Mortgage Payment Plans

M Johnsona

You can save a lot of money paying off your mortgage earlier. A typical borrower can cut ten years off of a 30 year mortgage loan just by paying one extra payment each year. There are several ways to do this. Biweekly payments, one extra payment/year, or several lenders offer automatic biweekly plans.

Some of the extra fees they tack on can be way too much to pay for the chance to have a paid off mortgage early. Some are total scams, you should never pay $1000 fees or even monthly fees just to make two payments a month.

Sending two payments a month will equal one months extra payment each year and save you 10 years interest. But not all lenders will let you do this for free.

A better solution is to pay your 30 year loan on a 15 year payment plan for free.

Most mortgage loans today have no prepayment penalties. You can do it yourself for free. Just add extra to your monthly check, use the additional principal box on your payment form. You can find the amount you need to add by simply checking an online amortization schedule. Just look for your 30 year mortgage and run the same numbers on a 15 year schedule. Add the extra amount to each months payment and you will be paid off in about 15 years.

This is much safer in the event something happens and you can't afford the 15 year payments. You can always revert to 30 year payments.

A major benefit of paying additional principal each month is the added equity you build up. It is much faster than paying on a 30 year plan. Not to mention you can save $90,000 or more in interest by cutting 15 years off your mortgage loan. That is money that stays in your pocket, money you don't have to work hard for just to give to a
banker.

Try making 15 year payments on your 30 year loan for awhile, it doesn't hurt your budget that much. You are only talking about adding $200-300 each month. And you can hold off for a month if things get tight. The benefits are well worth it.

About the Author

M. Johnsona runs www.mortgage-loans-and-refinancing.com A website of tips and insider

secrets for the mortgage loan seeker.
href="http://www.mortgage-loans-and-refinancing.com>Mortgage Loans Info

About the Author

M. Johnsona runs www.mortgage-loans-and-refinancing.com A website of tips and insider secrets for the mortgage loan seeker.

Yahoo! News Search Results for mortgage

Mortgage rates rise for first time in 12 weeks
Mortgage rates for 30-year US loans rose for the first time in 12 weeks as Americans sought refinancings amid record-low borrowing costs. United States - Mortgage - Loan - Financial Services - Business
Mortgage rates edge up; Housing market still slow
Record-low mortgage rates failed to pull the housing market out of its funk. Now rates are inching higher, but don't blame them if home sales stay sluggish.
Mortgage rates edged up a bit last week
Mortgage rates mostly edged up last week as investors' fears about the economy eased. Mortgage buyer Freddie Mac says the average rate for a 30-year fixed loan was 4.35 percent, up from 4.32 percent the week before. Applications to refinance home loans fell 3.1 percent last week, their first drop in...
Mortgage rates bounce back
Mortgage rates rose off last week's record lows, while borrowers remain locked in "pause mode."
Avg. mortgage rate up to 4.35 pct. off decades-low
Mortgage rates mostly edged up last week as investors' fears about the economy eased.
Yahoo! News Search Results for refinance

NABARD To Refinance About INR400 Billion Of Loans This Fiscal Year
NABARD To Refinance About INR400 Billion Of Loans This Fiscal Year
Do You Want To Refinance But Can't?
ATLANTA -- Do you want to refinance but you can't because you owe more on your house than it's worth? If you live in metro Atlanta and are willing to go on camera, please email Clark Howard's producer at patti.d@wsbtv.com.
Tata Steel to refinance $5.5-bn loans
Tata Steel is looking to refinance around $4.5-5.5 billion of its European loans. "We are looking at refinancing our European loans. We will refinance around $4.5-5.5 billion while the gross debt is around $9.5 billion," Tata Steel managing director HM Nerurkar said on the sidelines of a CII Metals ...
Refinance plan has its critics
The government will launch a refinance program this month that targets homeowners who are underwater on their mortgage but have not missed a monthly payment.
How To Refinance Your Home: A Personal Journey Part I
In which the writer matches wits with the home mortgage industry.