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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Would you do this...
Our bank just sent us an offer to sign up and have our mortgage payment automatically taken out of our account two times a month (half the payment one time and the second half the second time) by the end of the year - this will result in having made one extra full payment that would be 100% applied to the principal...
They would charge $.75/draft (for a total of $19) for the year and we also have the option of having them take out an additional amount with each draft to applied to the principal...
What do you think??
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Posted 1/30/07 3:18 PM  |
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kmh
LIF Infant
Member since 7/06 77 total posts
Name:
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Re: Would you do this...
I personally would not do this. Couldn't you just make two payments a month on your own and not pay the bank's fee? I just do not like uatomatci debits personally.
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| Posted 1/30/07 3:19 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Would you do this...
why do they charge a fee for that? I would call them and tell them you are interested in the program but do not want to pay a fee.. maybe they will waive it.
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| Posted 1/30/07 3:21 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Would you do this...
yea, why would they charge you? You could make two payments a month if you wanted to anyway.
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| Posted 1/30/07 3:22 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Would you do this...
I did this - without the fee - when i owned my condo. I get paid bi-weekly so it made sense for me to pay my mortgage bi-weekly. Not to mention there was no prepayment penalty for the additional principal payments each year and it took years off the loan.
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| Posted 1/30/07 3:25 PM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Would you do this...
Our bank offered us the same thing and I said no...they already take our mortgage out once a month, FOR FREE, why would I pay to have them take it out twice a month?? 
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| Posted 1/30/07 3:26 PM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: Would you do this...
Posted by kerrycec03
yea, why would they charge you? You could make two payments a month if you wanted to anyway.
That is what is stopping me (the charge)...Realistically I can make 2 payments a month by myself...just needed to hear agreement from others...
Thanks ladies
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| Posted 1/30/07 3:26 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Would you do this...
Posted by Beaver2be
Posted by kerrycec03
yea, why would they charge you? You could make two payments a month if you wanted to anyway.
That is what is stopping me (the charge)...Realistically I can make 2 payments a month by myself...just needed to hear agreement from others...
Thanks ladies
plus with online bill pay its not like payments are getting held up by the USPS anymore. Intersting, which mortage company is trying to charge you for this???
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| Posted 1/30/07 3:33 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Would you do this...
Posted by Beaver2be
Posted by kerrycec03
yea, why would they charge you? You could make two payments a month if you wanted to anyway.
That is what is stopping me (the charge)...Realistically I can make 2 payments a month by myself...just needed to hear agreement from others...
Thanks ladies
Just be careful though because some banks charge you to make a prepayment. If you just send in a principal payment, they may charge you for it. So if the charge is more than $19, and you get paid bi-weekly, this might be something you want to consider.
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| Posted 1/30/07 3:36 PM |
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MrsC2006
LIF Infant
Member since 6/06 318 total posts
Name:
Jenn
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Re: Would you do this...
I do this currently but we are not being charged a fee. Even so, for $19 a year, it is still worth it. You can take as much as 7 years off the term of your mortgage by making 1 additional payment a year, which is what you would be doing by paying bi-weekly. Like the others said, you can just pay it on your own bi-weekly, as long as you're sure there is no penalty for doing so.
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| Posted 1/30/07 3:45 PM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: Would you do this...
Posted by kerrycec03
Posted by Beaver2be
Posted by kerrycec03
yea, why would they charge you? You could make two payments a month if you wanted to anyway.
That is what is stopping me (the charge)...Realistically I can make 2 payments a month by myself...just needed to hear agreement from others...
Thanks ladies
plus with online bill pay its not like payments are getting held up by the USPS anymore. Intersting, which mortage company is trying to charge you for this???
Citimortgage...
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| Posted 1/30/07 3:48 PM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: Would you do this...
Posted by lululu
Posted by Beaver2be
Posted by kerrycec03
yea, why would they charge you? You could make two payments a month if you wanted to anyway.
That is what is stopping me (the charge)...Realistically I can make 2 payments a month by myself...just needed to hear agreement from others...
Thanks ladies
Just be careful though because some banks charge you to make a prepayment. If you just send in a principal payment, they may charge you for it. So if the charge is more than $19, and you get paid bi-weekly, this might be something you want to consider.
Thanks for the heads up - didn't realize they would charge you...
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| Posted 1/30/07 3:49 PM |
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Re: Would you do this...
Posted by kmh
I personally would not do this. Couldn't you just make two payments a month on your own and not pay the bank's fee? I just do not like uatomatci debits personally.
I agree.
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| Posted 1/30/07 3:49 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Would you do this...
i wouldnt do it. you can make the extra payment yourself at the end of the year-- however, u might forget or want to use the money toward something else.
i guess this forces u to make the extra payment without 'feeling it'
i dont understand the fee though, that is silly.
see if they will waive it!
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| Posted 1/30/07 3:50 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Would you do this...
I would pay 2x a month, but I would find a free way to do it.
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| Posted 1/30/07 3:52 PM |
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