Clements Realty Group



Posted by Clements Realty Group on 12/6/2019


Photo by Designer491 via Shutterstock

The term “bi-weekly” means every other week. If you get paid bi-weekly, you usually get your check every other Friday. When it comes to a mortgage, typical amortization plans (payments of principal and interest) use a 30-year/360-month calculation. But many lenders offer a bi-weekly plan too.

In this case, you would make 26 payments a year. When your paycheck is also bi-weekly, this option works fantastically. When you do this, you effectively make 13 monthly payments in a year. While some lenders won’t accept two half payments mailed to them each month, they will set up automatic deductions bi-weekly for you. 

Can you do it faster?

A bi-weekly plan will pay down your loan more quickly than twelve monthly payments, but can you do more to get your house paid off?

Here are some options to add to your plan and get your mortgage paid off sooner:

  • Round up: If your bi-weekly payment is $762 a month, round it up to $800. That extra $38 against your principle lowers the overall interest you’ll pay. If you can round it up higher, do so.
  • Use your bonus: Annual bonuses from work often go toward holiday gifts and other expenses, but if you really want to pay your house down, add it to your last payment of the year.
  • Use your tax refund: If you get a refund from the government every year for overpaying your taxes, apply it to your house. A few hundred or thousand dollars extra every year makes an enormous difference in the interest you pay and how soon that property belongs to you in full.

Online calculators can help you determine what adding just a small amount to your payment can do to reduce the time it takes to fully amortize your mortgage. Plugin different numbers to see what works for you.

If you haven’t yet purchased your house, your real estate agent can get you started, so give them a call today. Then set your budget, buy your house, and put your plan into action.




Tags: mortgage plan   debt  
Categories: Mortgage  


Posted by Clements Realty Group on 12/5/2019


9 Brookline Ave, Lynn, MA 01902

East Lynn

Single-Family

$254,900
Price

6
Rooms
3
Beds
1
Baths
Cute cozy affable 6 room 3 bedroom 1 bath with walk out basement & garage! With a little TLC turn this house into your home! Conveniently located near shopping, restaurants, and parks! About a mile from the ocean!
Open House
Sunday
December 08 at 12:00 PM to 1:30 PM
Cannot make the Open Houses?
Location: 9 Brookline Ave, Lynn, MA 01902    Get Directions

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Categories: Open House  


Posted by Clements Realty Group on 12/5/2019

Cute cozy affable 6 room 3 bedroom 1 bath with walk out basement & garage! With a little TLC turn this house into your home! Conveniently located near shopping, restaurants, and parks! About a mile from the ocean!

More Info on this Property | New Listing Alerts




Categories: Uncategorized  


Posted by Clements Realty Group on 12/5/2019


9 Brookline Ave, Lynn, MA 01902

East Lynn

Single-Family

$254,900
Price

6
Rooms
3
Beds
1
Baths
Cute cozy affable 6 room 3 bedroom 1 bath with walk out basement & garage! With a little TLC turn this house into your home! Conveniently located near shopping, restaurants, and parks! About a mile from the ocean!
Open House
Sunday
December 08 at 12:00 PM to 1:30 PM
Cannot make the Open Houses?
Location: 9 Brookline Ave, Lynn, MA 01902    Get Directions

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Tags: Lynn   Real Estate   01902   Single-Family  
Categories: New Homes  


Posted by Clements Realty Group on 12/2/2019


7 Sewall St, Marblehead, MA 01945

Rental

$1,800
Price

4
Rooms
2
Beds
1
Baths
Available early January. Second floor deleaded 4room / 2bedroom apartment. Hardwood floors in living room and two bedrooms, tile in kitchen and bath. Kitchen features dishwasher, electric range and laundry nook for your washer dryer hook up, tenant must supply their own washer and dryer. Gas heat and hot water paid by tenant. No smoking. Listing agent provides application and requires $20 app fee per adult. First, half security, and half fee to Listing Office required. co-operating agent must seek separate fee from tenant.
Open House
No scheduled Open Houses

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Tags: Real Estate   Rental   Marblehead   01945  
Categories: New Homes  




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