Saturday, July 21, 2007

Pay us money to pay off your mortgage faster

We received our annual bi-weekly mortgage letter this week. This letter drives me crazy maybe because I feel I am an informed consumer and others are being suckered into this.

Basically for the privilege of paying a one time fee of $300 and then $9.00 a month you can pay your 1/2 your mortgage every 2 weeks and we will auto deduct it from your checking account.

Or course you could do the same thing yourself save yourself hundreds (or even thousands) in fees by taking your mortgage payment divide it in 12 and then add some extra each month.

They also added that they could refinance my mortgage to another 30 years-

Right now, I am not focusing on paying the house off early. I am still building up my emergency saving account as well focusing on retirement and college savings. Maybe some day I focus on paying off early.

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