Pay Off Your Mortgage Early

Bi Weekly Mortgage - How Does it Pay Off Your Mortgage Early?

Since interest is calculated daily on your mortgage, many people are implementing bi weekly mortgage payments. Mortgages are then paid every two weeks instead of every month. Each bi weekly payment is half of your regular mortgage payment. Making a bi weekly mortgage payment can help you pay your mortgage off 5-7 years sooner than paying your mortgage monthly, since you pay less daily interest by splitting payments. It works, however...

There is a Better Way to Pay Off Your Mortgage Early

The Sydney Financial Group has an even better solution. With the mortgage checking account system, you can pay off your mortgage early by having all of your money sitting against your mortgage balance during the month. Normally, if you pay extra on the principle amount, this reduces your loan balance you are being charged interest on by the amount of extra money you pay in. However, with this system, every dollar you have reduces your loan balance for which you are being charged interest, thus helping you to pay off your mortgage early.

View Money Differently – You Have an Incentive to Pay Off Your Mortgage Early

Our system also helps you start to view your money differently. You don't make bi weekly payments, you make payments earlier. Rather than spending every penny you now have an incentive to put any extra money towards your mortgage to pay off your mortgage early. Those payments are going towards principle. With such low interest rates on a regular checking or savings account, there is little incentive to use that money to pay off your mortgage early.

To pay off your mortgage early with our system, you won't need to refinance or change your first mortgage in any way, unless you choose to do so for a lower interest rate. The amount you can borrow depends on the balance you owe and the value of your home. Also, this system makes it simple to pay off your mortgage early, and encourages you to make wise financial choices. You can see the impact of applying money towards your account instead of spending it other ways. Additionally we help you reduce debt and save for retirement. So it really is an overall financial solution – not simply a bi weekly mortgage payment.

To learn more about how to pay off your mortgage early, please Contact Us.