Biweekly Mortgage - Posted by j@ke

Posted by Jim IL on April 29, 1999 at 23:57:56:

I had a friend who worked with a company touting there “bi-weekly” mortgage plan.
Most people are smart enough to see that they can do this themselves with out paying someone else a fee to simply pay the mortgage off faster.
You are actually paying MORE each month on the balance, because there are 4.3 weeks/month, not 4.
So, paying every 2 weeks, (14 days), pays more toward the balance and not the interest.
If you are interested in REI, do that, not this “bi-weekly” thing.
That will not teach you anything valuable to apply to REI.
Read the articles and posts here and buy a course or two.
Then, go out and make offers and get deals.
It will NOT be easy, but it will make money and teach you at the same time.
Good luck to you,
Jim IL

Biweekly Mortgage - Posted by j@ke

Posted by j@ke on April 29, 1999 at 23:46:13:

can anyone give me their opinion of Biweekly’s. I was turned on to it at a seminar and think it could be a good stepping stone to get out of my job and spend more time on RE deals.I already have some good marketing ideas but want to make sure it’s a good program for people.The company im representing seems to be legit.Any input appriciated thanks

Re: Biweekly Mortgage - Posted by Diane

Posted by Diane on April 30, 1999 at 06:43:00:

I marketed a bi-weekly program about 5 years ago. It was not an easy thing to do because as Jim said- people can do it on there own so why pay you a sign up fee or monthly fee to coordinate it? If they realy see how it works- they can do it on their own. Also, I found that people are very suspicious of anyone wanting to “mess with” their existing mortgage unless it is to refinance. Good luck if you try but I ran ads, fliers, … and just never really got any interest.
Diane (IN)