INDIANAPOLIS — Most of us like saving money.claiming a hack could trim money and time off of your mortgage, we checked it out.
The post says, “Divide your mortgage payment by 2. Make biweekly payments rather than waiting for the first of each month. This will cut 8 years from your loan and save you 23% - 30% in interest."To see if that statement is true, 13News reached out to loan officer Audrey McClelland with CrossCountry Mortgage Carmel.She said splitting your mortgage payment in half and paying it every two weeks comes out to about an extra payment annually.
"A lot of people are like, well, can I just throw in one extra payment instead? And the answer is yes. That will still take some life off of your 30-year mortgage," McClellan explained,"but by doing the biweekly payments, you're actually going to keep ahead of that interest faster.
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Source: 12News - 🏆 586. / 51 Read more »