Comments on: Accelerated Bi-Weekly Mortgage Payments http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm The Canadian Source For Personal Finance Thu, 11 Mar 2010 17:43:04 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Jason @ Redeeming Riches http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-3358 Jason @ Redeeming Riches Mon, 01 Feb 2010 16:52:35 +0000 http://canadianfinanceblog.com/?p=141#comment-3358 An interesting analysis would be to see if paying a fee to a company to manage your biweekly payments would be worth it since some banks won't allow an individual to do this, but they do allow a company to do it because they negotiate on behalf of hundreds of thousands of customers. .-= Jason @ Redeeming Riches´s last blog ..<a href="http://feedproxy.google.com/~r/RedeemingRiches/~3/hf4EY8Mswus/" rel="nofollow">Confessions of a “Receiving” Addict</a> =-. An interesting analysis would be to see if paying a fee to a company to manage your biweekly payments would be worth it since some banks won’t allow an individual to do this, but they do allow a company to do it because they negotiate on behalf of hundreds of thousands of customers.
Jason @ Redeeming Riches´s last blog ..Confessions of a “Receiving” Addict

]]> By: Chris Martin http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-3355 Chris Martin Mon, 01 Feb 2010 13:25:53 +0000 http://canadianfinanceblog.com/?p=141#comment-3355 In canada most institutions have accelerated payment programs on top of lump sum payment option. For example TD has accelerated weekly and accelerated biweekly(annoyingly ambiguous). You can also increase your periodic mortgage payments by up to 100%. Aswell there is a lump sum payment option where you can pay up to 15% of your total mortgage amount down per year. This allows you to pay off your entire mortgage in a very small amount of time while, if necessary, having the security of small monthly payments should it be necessary. In canada most institutions have accelerated payment programs on top of lump sum payment option. For example TD has accelerated weekly and accelerated biweekly(annoyingly ambiguous). You can also increase your periodic mortgage payments by up to 100%. Aswell there is a lump sum payment option where you can pay up to 15% of your total mortgage amount down per year. This allows you to pay off your entire mortgage in a very small amount of time while, if necessary, having the security of small monthly payments should it be necessary.

]]> By: JoeTaxpayer http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-3345 JoeTaxpayer Mon, 01 Feb 2010 05:02:35 +0000 http://canadianfinanceblog.com/?p=141#comment-3345 The mortgages I'm used to, in the US, do not allow partial payments. A half-payment will be held until the rest arrives. The "envelope system" can implement your strategy, however. One should put aside the half payment with every paycheck. At month end when the mortgage is due, pay what you saved up. In 2 of the 12 months there will be an extra 1/2 mortgage payment. Note it on your check as extra principal. Any month you have a few extra bucks, just add it as well. If getting rid of the mortgage is your goal this is the fastest way to do it. The mortgages I’m used to, in the US, do not allow partial payments.
A half-payment will be held until the rest arrives. The “envelope system” can implement your strategy, however. One should put aside the half payment with every paycheck. At month end when the mortgage is due, pay what you saved up. In 2 of the 12 months there will be an extra 1/2 mortgage payment. Note it on your check as extra principal. Any month you have a few extra bucks, just add it as well. If getting rid of the mortgage is your goal this is the fastest way to do it.

]]> By: Friday Links | The Canadian Finance Blog http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-1289 Friday Links | The Canadian Finance Blog Fri, 25 Sep 2009 09:06:56 +0000 http://canadianfinanceblog.com/?p=141#comment-1289 [...] Fizzle included Accelerated Bi-Weekly Mortgage Payments in this week’s Carnival of Pecuniary [...] [...] Fizzle included Accelerated Bi-Weekly Mortgage Payments in this week’s Carnival of Pecuniary [...]

]]> By: Carnival of Pecuniary Delights #25 – Stephen Covey Edition http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-1281 Carnival of Pecuniary Delights #25 – Stephen Covey Edition Thu, 24 Sep 2009 11:32:51 +0000 http://canadianfinanceblog.com/?p=141#comment-1281 [...] Canadian Finance Blog makes a case for Accelerated Bi-Weekly Mortgage Payments in a short and sweet [...] [...] Canadian Finance Blog makes a case for Accelerated Bi-Weekly Mortgage Payments in a short and sweet [...]

]]> By: Friday Links | The Canadian Finance Blog http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-1227 Friday Links | The Canadian Finance Blog Fri, 18 Sep 2009 09:04:26 +0000 http://canadianfinanceblog.com/?p=141#comment-1227 [...] included Accelerated Bi-Weekly Mortgage Payments in this week’s Economy and Your Finances [...] [...] included Accelerated Bi-Weekly Mortgage Payments in this week’s Economy and Your Finances [...]

]]> By: Economy and your Finances Carnival – September 13, 2009 http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-1196 Economy and your Finances Carnival – September 13, 2009 Sun, 13 Sep 2009 08:04:40 +0000 http://canadianfinanceblog.com/?p=141#comment-1196 [...] Drake presents Accelerated Bi-Weekly Mortgage Payments posted at The Canadian Finance Blog, saying, “One of the simplest ways to reduce the total [...] [...] Drake presents Accelerated Bi-Weekly Mortgage Payments posted at The Canadian Finance Blog, saying, “One of the simplest ways to reduce the total [...]

]]> By: * How To Save Money - The 1,001 List Of Money Saving Tips And Ideas http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-368 * How To Save Money - The 1,001 List Of Money Saving Tips And Ideas Thu, 14 May 2009 01:54:21 +0000 http://canadianfinanceblog.com/?p=141#comment-368 [...] Roller offers another set of tips centered around frugal living and saving money. Some tips include:Pay your mortgage payments bi-weeklyCheck the lint trap and clean it weeklyBuy a water filter and take your own water to the gym/sports [...] [...] Roller offers another set of tips centered around frugal living and saving money. Some tips include:Pay your mortgage payments bi-weeklyCheck the lint trap and clean it weeklyBuy a water filter and take your own water to the gym/sports [...]

]]> By: CanadianFinance http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-31 CanadianFinance Sun, 08 Mar 2009 05:02:24 +0000 http://canadianfinanceblog.com/?p=141#comment-31 Investment Blogger, Thanks for the comment! And thanks for the link! Investment Blogger,

Thanks for the comment! And thanks for the link!

]]> By: Investment Blogger http://canadianfinanceblog.com/2009/03/05/accelerated-bi-weekly-mortgage-payments.htm/comment-page-1#comment-30 Investment Blogger Sat, 07 Mar 2009 03:20:58 +0000 http://canadianfinanceblog.com/?p=141#comment-30 Great article, brief, direct to the point, with an example. Found your blog through another blogger's site. Added you to my blog roll list. Great to see a local Canadian financial/investment blogger! Great article, brief, direct to the point, with an example.

Found your blog through another blogger’s site. Added you to my blog roll list.

Great to see a local Canadian financial/investment blogger!

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