Comments on: Bi-Weekly Mortgage: Less Than It Seems

By: Peter G. Miller

Peter G. Miller — Sun, 03 May 2009 19:26:46 +0000

Nope — not so. The FHA has adopted standards so that the requirement for a monthly insurance payment can end well before the loan term is complete. For specifics, see:

http://www.ourbroker.com/?p=2293

By: Nirav

Nirav — Mon, 27 Apr 2009 21:35:20 +0000

Hi,

FHA PMI is last for the life of the loan.If you are going for conventional loan then it will stop after you make up 20% of your downpayment with your home value.I am not sure this will clear off your confusion or not but FHA PMI stays for the life of the FHA loan.You still can refinance and get rid of the PMI but that is going to be another story.

By: Rich

Rich — Wed, 04 Mar 2009 02:10:35 +0000

I have a monthly mortgage

I pay biweekly

My mortgage company only credits the account with a payment when the full payment at the end of the month is received

So basically they hold on to 2weeks of pay for me, collect interest and then credit (debit for you financial people) my account with the mortgage payment

Is this legal?

Thanks
Rich

By: Suzanne

Suzanne — Wed, 02 Jul 2008 03:52:39 +0000

Jeff,
I simply want to say “THANK YOU”! I have mortgage right now and I was considering the bi-weekly loan. I’m glad that I didn’t go forward with it or else I’ll be another victim.

Althought, I do have an question regarding my 15 year FHA refinance loan with mortgage. They not only charge me with $1600 on PMI (mortgage Insurance) upfront, but they also charge me on monthly basis. The mortgage guy told me that they have to for townhome and condo, also after a year the monthly PMI will just fall off and I don’t have to worry about it. But when I call the lenderÂ and asked them about it, they said the mortgage insurance would continue untilÂ I reach a certain loan amount.

Can anyone tell me is more about the PMI on the FHA PMI?

By: Mike Norman

Mike Norman — Sat, 21 Jun 2008 18:21:19 +0000

Hey Jeff: FYI even though the lender doesn’t credit the payment biweekly, the savings in interest and the term reduction are real. So, if someone can have their money debited biweekly and it saves Tens of Thousands of dollars as promised; what’s ingenuous or deceitful? I’d agree with you if the savings didn’t occur. Realistically, the savings are due to an extra half payment to principal every six months, not the fact that the money is debited or applied biweekly.