The average homeowner will spend at least two and a quarter times the amount he or she borrowed in an average 30 year mortgage. For example, if a homeowner borrows $100,000 for 30 years at 6.5% interest, their total repayment will be around $227,545, more than two and a quarter times the original loan. In contrast with a bi-weekly loan a homeowner would payback approximately $197,215 in total principle and interest payments. This equals a $30,000 savings over the life of the loan.
For many consumers this can be a substantial help in long range financial planning. Bi weekly mortgage payments simply stated add an extra full month payment to the yearly cycle. This seemingly small effort of financial foresight reduces the term of the loan and the interest paid. The amount of money saved by the homeowner is substantial and quite easily evident no matter what the mortgage amount is. Certainly the larger the mortgage amount is the larger the savings are.
Some housing lenders specialize in offering biweekly mortgages. They are specifically geared towards helping the homeowner reach their goal of an early mortgage payoff. MortgageFindersNetwork.com is a website geared toward helping consumers find a bank, mortgage broker or lending institution that offers bi weekly mortgage payment plans to consumers.
MortgageFindersNetwork.com is a consumer service online source that can help homebuyers search out the best option for them with a bi-weekly mortgage. This website also helps consumers learn what questions they should be prepared for with a lender and offers them a guide to what the loan process will look like. Biweekly mortgages are a different mortgage option than the traditional 30 year mortgage note, so consumers should understand how the mortgage differs and what to expect with this type of loan.
Additionally, MortgageFindersNetwork.com helps consumer’s price shop to find the best mortgage company available to suit their needs. Today there are many companies offering this type of mortgage option, some offer better packages than others. With MortgageNetworkFinders.com the process of searching is all done with online quotes and therefore does not require the homebuyer to contact each company personally. This can save the consumer much time and aggravation. This process also ensures more privacy as the whole process is done without the homebuyer providing extensive personal information to multiple lending sources in order to obtain quotes. MortgageFindersNetwork.com is the perfect one stop shopping place for consumers seeking a new home mortgage.