How do you feel about mortgage accelerator plans? Can you please explain them?
Basically, there are two types of mortgage accelerator plans floating around out there. First, there’s the old bi-weekly mortgage where you make half of a payment every two weeks. This will drop the length of time you’ll pay on a 30-year mortgage down to about 22 years. Most companies will charge a fee to service these programs, but I think that’s ridiculous. There’s no way I’d pay someone to do this for me.
Think about it. There are 26 two-week periods in a year, and 26...