A traditional mortgage or loan is paid monthly. With a Biweekly mortgage or loan, a payment is due every other week. The Biweekly payment amount is one-half the monthly amount.
Example: Fred and Wilma Flintstone purchased a $210K home. Their total mortgage payment is $1200/month. With our biweekly mortgage plan, they pay $602.95 (debit fee: $2.95) every other week. Hypothetically, they erase 7 years from their 30 yr loan. Their new payoff is now 23 years. They also save $46,000.00 in unnecessary interest payments.*
* For educational purpose only
Regulation E safeguards electronically transferred dollars. You are entitled to a 100% refund if funds are automatically transferred from your account without your authorization. Your account is serviced by a FDIC Member Bank. FDIC Members offer Insurance for EFT Clients up to $250,000.
The Debt Burner & BWMA's preferred biweekly payment system allows borrowers to pay a little extra each debit towards their loan’s principal. A little goes a long ways, in accelerating your early payoff. Most customers pay an extra $10, $15, $20 or more. We apply every penny to principal. We perform regular audits to ensure accuracy and lender accountability.
You received this document at closing. The Truth-in-Lending statement (TIL) is a federal mandated document enacted to protect new homeowners from lender deception. In many cases, the interest rate you think you have is probably not the interest rate listed on your TIL statement. With that said, the Truth In Lending Act(TILA) of 1968 is the United States federal law designed to promote the informed use of consumer credit. By requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
The short answer is no! There will be plenty of interest to write-off your taxes. But ask yourself. Do you want a tax shelter or a home paid-off with money-accessible to you-whenever you need it. Remember, 100 percent of foreclosures occur on homes with mortgages. The Bible says; “The rich rules over the poor, and the borrower is slave to the lender.” - Proverbs 22:7.
Some do, many don’t. For most who do, their costs are higher. But, ask yourself. Would you put the Fox in charge of the Hen House? That’s exactly what you would be doing if you make your lender your biweekly provider. You would be putting in charge the same entity that you are trying to protect yourself against. There are no checks and balances. We become your gatekeeper. We audit lenders on your behalf not theirs.
Absolutely, we call it D.I.Y. People cut their grass. Remodel their homes. Fix their cars. Well, you get the picture. How long have you owned your property? How long have you been planning to do-it-yourself? Every month you procrastinate can cost your hundreds in unnecessary interest payments. Statistics show most people still lose thousands doing it themselves. We do it right and hassle-free.
When you pay less than 20% down on a new home. The lender feels vulnerable that you may default on the mortgage. Therefore, you are forced to protect the lender’s interest. PMI & MIP is mortgage protection. An insurance policy that protects the lender in the event of a default on the mortgage loan. You may hear it referred to as PMI (Private Mortgage Insurance) for Conventional loans, or MIP (Mortgage Insurance Premium) for the government-insured FHA loans. The premium is calculated into your monthly payment. We have seen premiums up to $300-$400/month. We rid you of that extra financial burden quickly!
There is no catch. But there is a small enrollment fee. Also, you should be prepared to make two payments to start. You have your regular monthly payment. Then we debit two half-payments over the next 28 days. Unless, you choose our “no money down” deferred payment option. Here you defer your Enrollment Fee over 12 months. However, your Debit Fee will be higher: $5.95 per transaction. Either way, you get to live your best life worry free!
Then contact us right away! Our system helps homeowners build equity up to 3xs faster. In fact, the higher your interest rate, the longer your term, the more you save. Get back on track, and build wealth. Imagine life with no mortgage payment. Your body may thank you with longevity.