Lender Roadblocks
The house above on the right could cost $47,599* less than the house on the left even though both houses are exactly the same, have exactly the same loan and with the exactly the same term and interest rate.
They could even have the same owner…You!
How can this possible?
The answer of course is with BWMA Biweekly Mortgage Equity Acceleration Savings Plan.
What makes this possible is how we can use the calendar
and your traditional payment schedule of your existing loan
against your “bankster” lender.
Typically a lender requires you to make 1 payment every month for the lifetime of the loan. For a 30 year mortgage, that's 12 payments a year and 360 payments for the entire loan.
Have you ever wonder why
the traditional payment plan for a mortgage
is to pay once a month?
The answer is simple…
The traditional payment schedules will typically force you to pay almost as much in interest as your original loan and you’ll make payments for nearly twice as long if you didn't have pay any interest at all.
If you look at our example again, you will see that with a traditional payment schedule you would pay $219,486.06* in interest, but with the Mortgage Equity Acceleration Savings Plan you would save $47,599.43*.
If you want to turn the tables on your “bankster” lender without making any changes to your existing loan and shave thousands of dollars and years off your mortgage, all you need to do is be automatically debited for 1/2 of your loan payment every 2 weeks, which is biweekly, and you would end up making just 1 extra payment every year.
That’s because there are 52 weeks in year, so if you make a half payment every 2 weeks, that would equal 26 half-payments in one year. And that equals 13 monthly payments every year instead of 12.
That 1 extra payment a year is what will
turn the tables on your “bankster” lender and that’s how
the same house at the same price with the same loan
could cost $47,599* less and be paid off 5 years sooner.
It’s hard to believe, but it’s true.
And you almost won’t believe what will happen if you just kick in an extra $25 per biweekly payment.
You can see for yourself with your own loan with our Online Savings Calculator
Obviously paying your loan early and saving you thousands of dollars
is not in your Lender’s best interest, so Lenders typically put up
roadblocks to prevent you from doing it on your own.
For instance, most lenders will not take anything less than a full regular loan payment. So you can’t just send them half a payment every 2 weeks for the next 23 years until you pay off your loan.
You typically need to send them a full payment and do it on their terms to have it credited to your account correctly.
If you are going to try to do it yourself,
be sure to read the fine print,
because your “bankster” lender
isn’t going to give you such a sweet deal that easily.
Some Lenders will offer you their own biweekly payment plan, but when they do you have to ask yourself, “Why are they willing to give up thousands of dollars?”
If you are going to try to do it yourself, be sure to read the fine print, because your “bankster” lender isn’t going to give you such a sweet deal that easily.
Some Lenders actually offer true biweekly loans where your payment due date is every 2 weeks. These loans typically have an interest rate to make up the difference in what they are losing on traditional loan paid monthly. They also typically would require refinancing with new terms and fees!
And you might actually save a little bit interest with true biweekly loan, but typically not as much if you were if you just took a traditional loan schedule and were automatically debited for your loan payment biweekly like with a BWMA Equity Acceleration Savings Plan.
Also these true biweekly loan payments are also permanent and inflexible. You can’t change them without changing your loan and there are more opportunities for you to be late with your payment so you “bankster” lender can collect high late fees.
Lender Roadblocks of all types can lead to
missed payments, big late fees and actually
end up hurting your credit rating rather than improving it.
Alternatively, you can setup your payments with a BWMA Equity Acceleration Savings Plan with your existing loan and not have to deal with any of the Lender Roadblocks. We will do that for you.
To calculate how much less your own mortgage could be just go to our Online Savings Calculator
* Example calculations include $300 monthly for Taxes and Insurance and represents gross savings.