Want To Save Big Dollars? Pay Your Mortgage Bi-Weekly

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river2We get it. No one really enjoys making a mortgage payment each month. But here’s a secret: You can shorten the length of your mortgage loan without refinancing your loan to a shorter term.

You simply have to make bi-weekly payments.

Here’s how this works: Normally, you’ll make 12 mortgage payments a year, one each month. If you owe $1,000 on your mortgage each month, you’ll make 12 mortgage payments for a total of $12,000 a year. But if you split your payment into bi-weekly payments, you’ll pay $500 every two weeks.

This pays off in a big way: Because there are 52 weeks in a year, you’ll make 26 bi-weekly payments. That is equal to making 13 monthly payments in a year. That’s right, with the bi-weekly mortgage payment, you’d make one extra mortgage payment each year than you would when paying 12 standard monthly payments.

Bi-weekly payments reduce the payoff time of your mortgage loan. The number of months you chop off your mortgage varies depending on the size, interest rate and length of your loan. If you are paying off a 30-year, fixed-rate mortgage loan of $180,000 with an interest rate of 4%, you’ll pay off your loan in 25 years and 11 months, eliminating four years and one month of payments. That means you’ll also save more than $20,000 in interest during the life of your loan.

Those are some compelling reasons to consider a bi-weekly payment plan. Call us today if you are interested. We’ll walk you through the process and help you make the right decision for your financial situation.

Categories: Mortgage, Mortgage 101, Mortgage choice, Mortgage ideas, Mortgage options, Mortgage points, mortgage rates, Mortgages, MPP mortgage, Uncategorized, Wilmington NC Neighborhoods

Have You Lost Your Job and Can’t Make Mortgage Payments? Help Might Be Available to You In NC.

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The Cape Fear Regional Community Development Corporation, a non-profit group affiliated with the NC Housing Finance Agency.  The NC HFA has money in the state’s Foreclosure Prevention Fund to help homeowners.  There is a loan program they have is  the Mortgage Payment Plan (MPP). This program helps homeowners in NC get caught up on their loan payments. 

There are qualifications and specifics that need to be addressed, but it might be worth your while to contact them to see if they can help. Income levels count in the loan process.  If you lost your job through no fault of your own, and are looking for a job now, this will count in your application process.  The loan does not have to be paid back if you have to sell your home at a loss.If you stay in your home for 5 years the loan is partially forgiven.  If you stay in your home 10 years, the loan is forgiven.  For more details and to see if you qualify, please call:

Cape Fear Regional Community Development Corporation

910-202-3490 or 910-762-7555


We also have a Short Sale Certified Distressed Property Expert on our team if you have any questions.  Robin Jones – robinjones@ec.rr.com.

Good luck with the process.

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Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2017 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.