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You can't if you go through a typical bank or mortgage company. However, you do have options. You can find a company that lets you pay less in interest and more in principle. I found a company that lets you pay your current monthly payment, but since you pay less in interst, you actually pay more to principle. This principle is put in a Cash Flow account that earns interest. After 15 years, you have enough to pay off your 30 year mortgage. If you keep paying for the remainder of the 30 years, you will then have over $1 million in your Cash Flow account to pay off your home, retire, pay for college, or whatever.

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โˆ™ 2006-08-20 14:24:53
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Q: How can you pay off a 30-year mortgage in half the time without changing your monthly payment?
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A bi weekly mortgage reduces the term of a thirty year mortgage to how many years?

By making half of a monthly mortgage payment every two weeks, homeowners can save a substantial amount of money over the term of a mortgage loan. Typically, if a homeowner pays half of their monthly mortgage payment every other week, they will reduce a 30-year fixed-rate mortgage by approximately seven years. The reason is simple: instead of making 12 monthly payments, homeowners are making half a payment every two weeks, resulting in 26 half payments per year, or the equivalent of 13 monthly payments in a 12-month period. In the end, the principal is paid down a great deal faster, saving a significant amount of money on mortgage interest payments. Most banks and mortgage lenders offer bi-weekly payment options, and many even offer a weekly mortgage payment option. If you're willing to pay your mortgage bi-weekly, and your lender offers the opportunity for weekly mortgage payments, take full advantage. Does this opportunity to pay off your mortgage early sound too good to be true? Well, there is one caveat: most banks that offer the bi-weekly or weekly payment options also charge a fee to sign up, often hundreds of dollars. However, there is a way to achieve the same results without having to pay these unnecessary fees. Merely make one extra monthly mortgage payment per year or simply distribute an extra month's payment evenly throughout the year by paying down the principal each month. Most monthly mortgage statements provide an extra line for an "extra principal payment." To see exactly how much money a bi-weekly or weekly payment plan can save you over the life of your mortgage loan, an online accelerated mortgage calculator will do the figuring for you. You will be pleasantly surprised at how much time will be removed from your mortgage term.

What is monthly payment on 330k mortgage?

That would depend on the interest rate and the length of the loan. Your payment for a 330,000 loan at 4.5% for 30 years would be $1672.06. If the mortgage was only for 15 years your payment would be $2524.48. If you took the same loan amount for 30 years at 5% your payment would be $1771.51. So it is hard to say what your payment would be without the additional information, but this should give you an idea of how much your payment would be for that amount.

What are the benefits of a reverse mortgage?

A good thing about reverse mortgage is that it does not have to have any income to qualify. Like the regular mortgage, it doesn't have any monthly loan payments. When your property gets sold, your mortgage will get paid off without any risk.

Can you change the names on a mortgage loan?

Not without refinancing the existing loan and changing the names on the title to the property..

What would the monthly payment be on a 203k loan?

This question cannot be answered without knowing the term of the loan and the interest rate, as well as any special terms such as an interest only period or balloon payment. To find out the monthly payment amount, gather this information and use a loan calculator widely available online to determine the exact monthly payment, or simply ask your loan officer.

If you make extra mortgage payments in a given year can you then write off the additional interest against that year's taxes?

No. The extra mortgage payments, over and above your normal monthly payment, are generally directly applied to Principal only. It is entirely allowable to make your January payment in late Dec.....and as tax essentially uses the cash basis, if this 13th payment is received by the Lender in year "X", you may get a 13th interest deduction on your 1099 Mortgage statement. While most mortgages allow prepayment without penalty, that prepayment is entirely principal, basically by definition.

If you have a home loan without mortgage insurance can the lender demand payment from your estate or heirs if you pass away?

Yes. The mortgage note is still a legally binding contract enforceable on the estate.

What is the difference between charge and mortgage?

Mortgage is a conveyanceof property, subject to a right of redemption whereas a charge only gives a right to payment out of a particular immovable property without transfering it

What does countrywide reverse mortgage cause?

Reverse Mortgage A reverse mortgage is a loan that allows homeowners age 62 and older to access a portion of the available equity in their homes without having to sell the home, give up title, or make monthly reverse mortgage payments.

Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?

As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)

How do you play World of Warcraft for free without free trail?

You can't. World of Warcraft requires a monthly payment. There is no way around this.

What is the best monthly mortgage calculator software? The above link gives you the best monthly mortagage calculator software and you can download it without thinking of getting virus as the download link is of trusted CNET and you can download securely.

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