Is it worth staying contained by an equity accelerator program for my mortgage?
We bought our first house almost a year ago. Shortly after moving into our new house, we received a letter contained by the mail from our mortgage company telling us going on for this equity accelerator program that they refer their customers to in order to salvage interest on the loan and pay our house off 6-8 years nearer. Our mortgage total is $1061 a month with all taxes and insurance included. We concluded up signing up for this program last summer and we have be doing biweekly payments ever since, with one extra payment a year. We are immediately wondering if this is really worth doing and are thinking about canceling the equity accelerator program and just going final to doing regular monthly payments directly through our mortgage company like we did in the really beginning. Would this be a smart thing to do, or should we stay surrounded by this program?
Answers:
If you intend to stay in this house for a very long time, it make sense to pay off impulsive. You don't need to go through the program, though. You can any make payments such as $1100 each month and apply the extra to principal, or be paid the annual payments yourself. This way if you get into trouble, you can shift back to the normal amounts glibly.
Bankrate has a cool calculator to help you agree on.
http://www.bankrate.com/calculators/mort…
What you need to see is an amortization chart that reflects how your accelerate program has effected your principle and your interest amounts. That will put in the picture you if it is worth it. My thoughts are that it is a positive thing to do but I don't know all the details involved.
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Answers:
If you intend to stay in this house for a very long time, it make sense to pay off impulsive. You don't need to go through the program, though. You can any make payments such as $1100 each month and apply the extra to principal, or be paid the annual payments yourself. This way if you get into trouble, you can shift back to the normal amounts glibly.
Bankrate has a cool calculator to help you agree on.
http://www.bankrate.com/calculators/mort…
What you need to see is an amortization chart that reflects how your accelerate program has effected your principle and your interest amounts. That will put in the picture you if it is worth it. My thoughts are that it is a positive thing to do but I don't know all the details involved.
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