Thursday, May 17, 2012

$$$ Savings: Convert to a BiWeely Mortgage Payment

Total Estimated Savings on the Loan: $19,300 to $42,000

Money expert Farnoosh Torabi says one of the simplest ways to save tens of thousands over the long term is to pay your mortgage every two weeks rather than once a month.  That tiny change reduces the principal faster and adds one extra payment each year, exponentially shaving interest on an average 30-year loan.  Not only are you acting as a smart financial role model, you can reinvest those savings into the health and happiness of your family.

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