Should I Do a Biweekly Mortgage Program with My Lender?
A Biweekly Mortgage Program Through Your Lender May Have Shortcomings
You current lender or mortgage company may attempt to offer you a biweekly mortgage program. Before you consider doing one though the same company that services your loan there are several things you should be made aware of.
Biweekly Mortgage Program Through a Specialty Company or Your Mortgage Lender, Which is Safest?
We recommend your biweekly mortgage program should be done through a specialty third party administrator; rather than through your mortgage lender. There are specialty companies, like the one we recommend here at Biweekly Mortgage Tip, that aren’t part of a lending institution and therefore have your best interests at heart. These same companies also offer some unique benefits typically unavailable through “mortgage lender biweekly programs”
Here are a few things that you should consider prior to finalizing your decision to start a biweekly mortgage program:
- If you refinance your loan anytime in the future, odds are you will have to pay to enroll again if your biweekly mortgage program is directly through your lender. With the company we use you enroll once . . . for Life! Through our biweekly mortgage program you don’t have to pay again, and you can just transfer your program to your your new loan after your refinance is completed!
- If you sell your home, your program typically ends if your biweekly mortgage program is directly through your lender. With the company we use you enroll once . . . for Life! Through our biweekly mortgage program you don’t have to pay again, and you can just transfer your program to your your new home and home mortgage after you move!
As you can see, the Biweekly mortgage program we offer allow you, the homeowner, to start and stop their payment, maintain complete control of their mortgage, even transfer it to a new loan if they refinance; or, if they happen to move and relocate they can transfer it to an entirely new house or property. This allow you to have the most flexibility with the least amount of pain, and a lifetime enrollment that lasts forever.
Our Biweekly Mortgage Program Simply Offers You More Control and Options
Often doing a biweekly mortgage plan with your existing lender may cost you more in the long run, so before you make a decision get all the facts about bi-weekly mortgage programs, and considering starting your bi-weekly mortgage program with one that offers: Lifetime Enrollment, the ability to stop and re-start your plan if you need to, and will transfer to a new loan if you refinance or move. The options can end up saving you money in the long run, while ensuring you maintain complete controls of your mortgage plan.
- Finally and perhaps most importantly, our biweekly mortgage program includes periodic auditing to ensure your payments are being applied correctly to ensure your mortgage is paid off sooner! Would you rather have to pay your mortgage company to “audit themselves” or have an independent third party perform these audits and perform them free of charge?
- Mortgage companies make errors more than we are often lead to believe.
Consider all your options before starting a biweekly mortgage program through your Lender.
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