Inman News Features
If you have a biweekly mortgage, you will make the equivalent of 13 monthly payments a year rather than the usual 12. As a result, the loan will be paid off several years earlier than the loan term and you will pay less in finance charges. A biweekly mortgage requires payments once every two weeks rather than once a month. Each biweekly payment is about half the size of the payment that would be required under a traditional monthly repayment plan.
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How Much Can You Afford?
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Let us help you find out what you can afford!
Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.
Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To e-mail yourself a copy of your results, click the Receive this Detailed Analysis link.
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Buy Down Your Rate with Points
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Do all lenders charge application fees?
Thursday, June 26, 2003
Inman News Features
Yes. Many lenders charge fees to cover the cost of processing a loan application in addition to points. A point is 1 percent of the loan amount. Paying points essentially is prepaying interest because lenders will typically lower your rate the more points you pay. This is called buying down your interest rate. If you can afford to do this, you will save significantly in long-term interest.
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