If you’re a homeowner, chances are you’re making monthly payments towards your mortgage. This would be equal to 12 payments a year, and no extra fees if they are all made in full and on time.
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This means putting money towards your mortgage every two weeks, and as a result, you’d save thousands of dollars on interests, and be free of debt in a much quicker pace.
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A biweekly mortgage payment plan can save homeowners thousands of dollars in interest and allow you to pay off your home very quickly. Before you make any rash decisions, make sure early payoff suits your budget plan and that the benefits outweigh the risks.
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If your earnings vary or you’re paid once a month, you'd have to make sacrifices to stick to this plan, like going the extra mile to be well-organized with your bills and due dates.
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Setting up an automatic withdrawal plan with your bank will guarantee payments are made on time and can help you stay on track. This can improve your credit score, but it can affect you if you’re not responsible.
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