Here are the few other tips that I promised you.

The biweekly mortgage payment method involves sending in half your mortgage payment every 2 weeks. For instance you would pay half your mortgage payment for February 1st on January 15th then send in the rest for February 1st. Using this method is suppose to save you a significant amount of interest over the life of the loan because you are essentially paying 13 payment a year instead of twelve. And that early part of the payment stops costing you interest a half month earlier. However Biweekly payments don’t work with all lenders so you need to make sure that the extra payment is being charged to the balance when it is sent. Also banks may actually charge a fee to make the biweekly payment cutting into your savings.

A simpler alternative is to just send a check for an extra mortgage payment. Just sure that the bank understands the entire amount is going to principle and you’re not simply paying your next regular payment early.

Then there is the mortgage payment system I’m using. I’m just doubling the principle part of the payment and sending it in with my regular payment. So I’m accumulating equity at twice the normal rate. Yippee!!! Not a big deal since now I have a hundred dollars in equity versus fifty dollars but it makes me feel better about writing the big check.

Of course these tips involve you having a little extra to put on the mortgage. They’re not exactly free since all your doing is paying early but they are better than nothing once your into a mortgage. If you are among the truly broke these tips will do bupkiss for you.

Your Brother in Debt

John