Is it worth staying in an equity accelerator program for my mortgage? - mortgage accelerator
We have our first house almost a year ago. Received shortly after the move to our new home, we have a letter in the e-mail from our mortgage lender told us about this equity acceleration program that relate to their customers save on the interest rates on the loan and pay off our house 6 8 years. Our total mortgage loan is $ 1061 per month with all taxes and insurance. We have just signed for this program last summer and two weeks since payments made with an extra payment a year. One wonders now if it really worth it, and we plan to accelerate the program to terminate, fairer and more just to get back to regular monthly payments directly through our mortgage company that we do not at first. Was this a good idea, we stay in this program?
Friday, January 15, 2010
Mortgage Accelerator Is It Worth Staying In An Equity Accelerator Program For My Mortgage?
2 comments:
If you wish to stay in this house for a very long time, it makes sense to pay more quickly. You do not have to go through the program, however. You can use these payments of up to $ 1100 per month and for the surcharge on the principal amount or annual payments to you. So if you're in trouble, you can return to normal quickly.
Bankrate has an excellent calculator to determine you.
http://www.bankrate.com/calculators/mort ...
What to see, is an amortization table that shows how to accelerate the program debuted, and the amount of interest. That is, if it's worth it, it will show. My thoughts are that it is doing something positive, but I do not know all the details involved.
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