Re: Paying on Mortgage early
Paying early on your mortgage will have a very small effect if any at all. Many banks will only credit the money once a month no matter how many payments you make. If they do credit it when you pay, you still won't be saving that much money. For example. if you pay $450 early on the 15th and your rate is 6%, that would lead to $1.12 in savings. You'd be much better off putting an extra payment of $5 a month toward the pricipal.
Many banks charge to set up bi-weekly plans, but most also allow you to pay more toward pricincipal each month on your own with no penalty.
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Disclaimer: I don't know what the heck I'm talking about (my wife's favorite quote), so please take all advice given with a grain of salt :o
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