Wednesday, February 23, 2011

Is Nationwide Biweekly Administration A Scam?

Nationwide Biweekly Administration:

Many people are interested in saving money by manking biweekly mortgage payments, but have you been one of those people that thinks Nationwide Biweekly Administration is a scam?  Lets take a look and get a better understanding of how the Interest Minimizer plan works for you and how your biweekly payments are processed.

The interest minimizer from Nationwide Biweekly Administration debits your bi-weekly amount from your checking or savings account then remits payments bi-weekly or makes your monthly loan payment when it's due. Because there are 52 weeks in a year, that adds up to 26 bi-weekly debits which equals 13 monthly payments over the course of a year. The extra funds are directed 100% to the principal of the loan eliminating thousands of dollars in interest charges, cutting years off the loan and dramatically increasing your home equity.

We are the only administrator that remits payments bi-weekly for almost all types of loans and debts except mortgages. Based on the rules and restrictions set up by lending institutions, interest minimizer payments are processed in two different ways depending on the type of loan. As you will see in this example mortgage payments must be handled differently than bank payments. Loans such as home equity, personal loans, auto loans, credit cards, and student loans can be remitted bi-weekly and interest minimizer that is exactly what we do. With these types of debts, interest is calculated daily. Let's take a look at a sample savings of a $50,000.00 loan at 6% interest. With a $300 monthly payment or $150 every two weeks with out bi-weekly program your loan will be reduced from 30 years to 24.3 years and you will achieve interest savings of $12,282.00. For loans like mortgages, interest is calculated monthly, so we must remit monthly. Again, based on the lenders own processing restrictions that same example of a $50,000.00 at a 6% interest, with a $300 monthly payment or $150 every two weeks, this would reduce the loan from 30 years to 24.6 years achieving interest savings of $11,697.00. As you can see there was very little difference. Only $585.00 and a 3 month paid off difference, when we are forced by lender rules to remit monthly. But the great news for you is that the interest minimizer bi-weekly program works in your favor regardless of whether we remit payments bi-weekly or monthly. The interest minimizer program is easy, provides structure, and gives you the ability to save thousands of dollars in interest while building your equity much faster.

FAQ for Nationwide Biweekly Administration

Does my lender offer this program?
* A small percentage of lenders offer a bi-weekly program
* They can't offer the services on multiple types of loans
* Only on the loan you have with them
* We can administer all your loans in one easy place
* We work for you- not the lender!

Will my loan change id I sign up for the Interest Minimizer?
*Your loan doesn't change at all
* Your lender, interest rate, escrow-all stay the same!
* What if I sell my home or refinance?
* No problem!
* We handle all the changes for you
* Simply call our Customer Service Department or Email Us
* We administer to over 5,000 lenders
* No additional charge, unlimited benefit

Is there a limit to the number of loans I can put on the Interest Minimizer?
* There is no limit
* You can enroll as many loans as you want
* The more you enroll during the initial sign up the more you save!

Is there a penalty if I stop the program?
* Stop at any time
* No Penalty
* Restart at any time with no penalty
* You have a lifetime membership

Am I guaranteed to save money with Nationwide Biweekly Administration?
* 100% Savings Guarantee

Can I achieve the same results without the Interest Minimizer?
* You can try, but most find it too difficult
* Interest Minimizer is easier safer and more successful
* Provides a disciplines structure that's easy to stick with
* Very small percentage of home owners continue to prepay their mortgage at Interest Minimizer rates
* Interest minimizer survey results
* 80% made no extra payments
* 100 said it was a mistake to cancel
* The majority re-enrolled

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.