NLIC.org

Rick Said:

is anything better than bi-weekly mortgage payment plan without any fees?

We Answered:

Better?

You can send in all the money you can afford each month and note on the stub that the additional payment should be put toward principal.

But to me the word "better" would include a program that is automatic and requires no continuing thought on my behalf. Those types of programs usually involve money to sit them up.

Have you looked at a 15 year or a 10 year mortgage?

I just don't know what you mean by better.

Bryan Said:

How many times will a mortgage company work out payment plans with you?

We Answered:

Depends on the company, but it's worth asking, especially with the HAMP legislation rolled out by the Obama Administration. The thing to keep in mind is that they will expect you to have a darn good reason for the additional default. You have to have a solid hardship and possibly proof of it. But not with HAMP! Not all compnaies are on board yet, but I would ask your company what they are doing to become HAMP compliant and what you can do in the meantime, such as "stipulation payments" or "good faith payments".

Good luck!

Suzanne Said:

How long after closing, before my first mortgage payment is due?

We Answered:

first payment will be due in september.

Shane Said:

What is your opinion on setting up a automatic biweekly payment plan for my mortgage?

We Answered:

Good idea if no extra charge from lender.
You make one extra payment per year, reducing amount of interest you pay over the life of the loan.

Extra principal payments during first 10 years of loan have a HUGE impact in reducing amount of interest you pay over the life of the loan, due to the miracle of compounded interest.

Jeffrey Said:

Mortgage in Sons name, I lost my Job regained another job fell behind in mortgage payment plan in effect?

We Answered:

Mortgage loans are very easy to get. Since you secure some property to the lender they would be happy to give you loan. All you have to do is to get the best mortgage interest rate. Try to get quote from as many as lenders as possible and then you can apply online. Getting a mortgage loan online is the best option to get a good interest rate.

I hope http://loan-guides.net/home-loan.htm will help you in getting a mortgage loan online.

Roberta Said:

should i sign up for an ISP mortgage payment plan?

We Answered:

You can do it by yourself so you don't need to sign up for any plan. What the plan will do is force discipline but it will cost you fees.

Either take your payment, divide by 12 and make an additional payment to principal each month or make 2 payments at some point in the year. Be sure one of the payments is credited to principal and not paid forward to the next month.

What you will actually be doing is paying off your loan in 22-23 years (and yes saving interest).

Good luck.