Posted by PattyVegas on March 06, 2003 at 14:03:13:
I have not heard of these companies. However most companies charge somewhere between 300-400 to setup. However you pay biweekly but they only pay your mortgage once a month. So biweekly you are paying 26 payments and divided by 2 thats 13 payments total. So at the end of the year they pay the 13th payment toward the principal. In essense you are paying them to make money on your money. If you can discipline yourself open a savings account and do it yourself.
I also don’t want some company for whatever reason mess up and pay late and it dings my credit. And I’m sure it happens or what if they go belly up and your payment was not made etc etc.
Need some input lease.
Besides investing in subject to’s, I am also considering biweekly mortgage services. Has anyone heard of these two companies-AAA FINANCIAL CORP. and US MORTGAGE REDUCTION?
Thanks-MILLIONAIRES T0 BE!!!
Mark
What you are doing paying bi-weekly is making (1) extra payment for that year. Why not skip bi-weekly companies and just make an extra payment each year and be done with it.
Or better yet, use the extra cash and buy another property.