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ParticipantI understand the argument of low MM or CD returns vs. inflation, but you have to then ask what the alternative is.
Compared to sitting idle in a 0% checking account 5% isn’t bad. Compared to 10%/yr on stocks it is worse, but there’s normally more risk in that, and in today’s market nothing is guaranteed. My CU has a tenure based 5.75 APY on a 4-month where I just put some money. That’s better than Countrywide.
As far as Everbank, someone else on here had a bad experience with them. JWM, have you had any issues with them?
November 5, 2007 at 10:28 PM in reply to: Can splitting mortgage payment help you shave 10 years from 30 year loan? #96130Participant“Banks compound interest every day, so not waiting till the midmonth due date will save you thousands over the course of your loan. Split your payment in half and send your bank a check every 2 weeks; it will cut 10 years off the life of a 30-year loan.”
Has anyone here actually done this?
November 5, 2007 at 10:28 PM in reply to: Can splitting mortgage payment help you shave 10 years from 30 year loan? #96193Participant“Banks compound interest every day, so not waiting till the midmonth due date will save you thousands over the course of your loan. Split your payment in half and send your bank a check every 2 weeks; it will cut 10 years off the life of a 30-year loan.”
Has anyone here actually done this?
November 5, 2007 at 10:28 PM in reply to: Can splitting mortgage payment help you shave 10 years from 30 year loan? #96200Participant“Banks compound interest every day, so not waiting till the midmonth due date will save you thousands over the course of your loan. Split your payment in half and send your bank a check every 2 weeks; it will cut 10 years off the life of a 30-year loan.”
Has anyone here actually done this?
November 5, 2007 at 10:28 PM in reply to: Can splitting mortgage payment help you shave 10 years from 30 year loan? #96207Participant“Banks compound interest every day, so not waiting till the midmonth due date will save you thousands over the course of your loan. Split your payment in half and send your bank a check every 2 weeks; it will cut 10 years off the life of a 30-year loan.”
Has anyone here actually done this?
November 5, 2007 at 6:53 PM in reply to: Can splitting mortgage payment help you shave 10 years from 30 year loan? #96066ParticipantRustico, agreed, and like I said, I’m no expert, it just sounds like from what I read either a shady scam, or more risky for your credit score, and in terms of how much debt you incur in addition to the house to make it worth it.
In the other thread I had commented that if there was truly a way to pay a mortgage off in 1/3 the time it would be bigger than a video on youtube. Then again maybe I’m not smart enough to see how this could work. I can accept that.
November 5, 2007 at 6:53 PM in reply to: Can splitting mortgage payment help you shave 10 years from 30 year loan? #96129ParticipantRustico, agreed, and like I said, I’m no expert, it just sounds like from what I read either a shady scam, or more risky for your credit score, and in terms of how much debt you incur in addition to the house to make it worth it.
In the other thread I had commented that if there was truly a way to pay a mortgage off in 1/3 the time it would be bigger than a video on youtube. Then again maybe I’m not smart enough to see how this could work. I can accept that.
November 5, 2007 at 6:53 PM in reply to: Can splitting mortgage payment help you shave 10 years from 30 year loan? #96136ParticipantRustico, agreed, and like I said, I’m no expert, it just sounds like from what I read either a shady scam, or more risky for your credit score, and in terms of how much debt you incur in addition to the house to make it worth it.
In the other thread I had commented that if there was truly a way to pay a mortgage off in 1/3 the time it would be bigger than a video on youtube. Then again maybe I’m not smart enough to see how this could work. I can accept that.
November 5, 2007 at 6:53 PM in reply to: Can splitting mortgage payment help you shave 10 years from 30 year loan? #96144ParticipantRustico, agreed, and like I said, I’m no expert, it just sounds like from what I read either a shady scam, or more risky for your credit score, and in terms of how much debt you incur in addition to the house to make it worth it.
In the other thread I had commented that if there was truly a way to pay a mortgage off in 1/3 the time it would be bigger than a video on youtube. Then again maybe I’m not smart enough to see how this could work. I can accept that.
ParticipantIt’s funny because it’s true.
ParticipantIt’s funny because it’s true.
ParticipantIt’s funny because it’s true.
ParticipantIt’s funny because it’s true.
November 5, 2007 at 12:42 PM in reply to: Can splitting mortgage payment help you shave 10 years from 30 year loan? #95949ParticipantThis is the second thread on essentially pulling a fast on one the bank in the form of “interest management”. I’m no expert but I’d bet my last dollar banks have thought of and insultated themselves from any opportunity of losing interest that can be schemed up.
Save for revoloving half a million dollar debt between first year zero interest rate credit cards for 30 years, I can’t imagine any legal or non-pain-in-the-ass way around it.
Just take out a 15 year loan. Lower rates, and truly pay it off in half the time, with a ~35% higher monthly payment.
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