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Let’s face it, times are tough and the housing and mortgage industry have been decimated. Real estate values soared in the early part of the past decade, only to come crashing down, leaving many homeowners upside down in their mortgages. Foreclosures are at their highest rates since the Great Depression of the early 20th century. Home owners are clinging to their mortgages, trying to refinance in a banking climate that has locked itself down. People are looking for solutions and ways to make their finances a bit less tight. Many will decide that a biweekly mortgage plan like the one offered by Nationwide Biweekly Administration. But is a biweekly mortgage right for you?
With a traditional mortgage, you make one payment each month of the year for a total of 12 payments per year times typically 30 years on a mortgage. On a biweekly plan, like Nationwide Biweekly Administration’s Interest Minimizer Program, you make two payments a month that total the same amount as your one mortgage payment. At the end of one year on a traditional mortgage payment plan, you will have made 12 payments. At the end of one year on a biweekly mortgage plan you will have made 26 payments; or in other words, one full extra mortgage payment per year. This saves home owners thousands of dollars in interest over the life of the mortgage and also shortens the length of the mortgage.
If you’re still wondering if a biweekly mortgage is for you, then take a look at your monthly overhead. Are you, like many people, strapped in the first half of the month because your mortgage is most of one full paycheck? Would it make your budgeting easier to split the mortgage across two paychecks? If your mortgage payment is $1600 per month, splitting it into two $800 payments can free up money for utilities, food and entertainment.
Nationwide Biweekly Administration is proud to be one of the nation’s Largest and most recognized administrators of bi–weekly programs. By working for the consumer rather than for the banks, they help thousands of mortgage holders not only save money in interest, but in many cases, make the ability to stave off foreclosure a reality for distressed families. The Interest Minimizer is Nationwide Biweekly’s ground-breaking program and an industry leader in bi-weekly payment programs.