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What would you do with this advice- ignore it – and lose the chance to reduce your interest paid to those greedy Banks over a 25 year period – or grab something back for yourself?

What if all you had to do was to pay half your mortgage bi-weekly (fortnightly to our UK cousins) – and all these benefits would be yours…

Now, doing the math for bi-weekly mortgages might be too much of a hassle for the regular home buyer, but all a fortnightly mortgage is, is actually just your normal mortgage payment cut in half. Every other week, you pay one half of your normal mortgage payment.

Let’s say for instance you have a mortgage interest of 8% on your $100,000 home. By doing a bi-weekly mortgage on this instead of a 30-year loan, you can estimate with a bi-weekly mortgage calculator that the amount of your savings can reach up to $48,000. Plus, you can even make 13 full payments and pay off early on your home, so you can gain by paying less interest overall, and over a shorter term. Using a fortnightly mortgage rate calculator, you can see that bi-weekly payments will cost you $50 each month.

Interesting Facts You could reduce your overall interest paid by up to 23% by using bi-weekly mortgage repayments

If you don’t want the hassle of doing this yourself then contact your local broker, or visit some of the sites given on this page.

The Internet is a smorgasbord of mortgage calculators, including bi-weekly mortgage rate calculators. Below is list of websites that feature bi-weekly mortgage rate calculators for free use by their consumers.

Reduce-My-Mortgage.com Bi-Weekly Mortgage Rate Calculator

The Reduce-My-Mortgage website offers a bi-weekly mortgage rate calculator that allows you to enter your personal information so you can start calculating your bi-weekly mortgage payments. Their bi-weekly mortgage rate calculator also helps you determine how much you can save in both time and money.

The site also features an update corner where bi-weekly mortgage buyers are told about recent mortgage news. These news like the home loan errors found out by the CLA (Consumer Loan Advocates) helps the consumer realize the importance of using a bi-weekly mortgage rate calculators. In addition to helping you calculate your savings, this fortnightly mortgage rate calculator may also be used on Automobile, Boat, Student, and Business loans.

Vlender.com Bi-Weekly Mortgage Rate Calculator

Virtual Lender is a Turkish website offering solutions such as bi-weekly mortgage rate calculators for either the individual loan officer or the entire mortgage company. Their bi-weekly mortgage rate calculator helps consumers determine the amount and projected period of loan payments.

1Stop-MortgageCalculator.com Bi-Weekly Mortgage Rate Calculator

This website offers a monthly and bi-weekly mortgage rate calculator to help you determine your payments. The only thing you need to do with the 1 Stop monthly and bi-weekly mortgage rate calculator is enter the principal loan into the field provided. After that, also type in the interest rate and the loan term into the bi-weekly mortgage rate calculator and find out how much your monthly payment will be. Also, this bi-weekly mortgage rate calculator will also let you know how much you save if you use bi-weekly payments.

DinkyTown.net Bi-Weekly Mortgage Rate Calculator

The bi-weekly mortgage rate calculator of this website will show you the possible savings you can make with your type of mortgage loan. Accelerated bi-weekly mortgage payment is the technique used by this fortnightly mortgage rate calculator in order to determine the amount of savings. Bi-weekly payments usually work in only one way. They can accelerate your mortgage pay off by paying half of your normal monthly payment every two weeks. By the end of each year, you can see using a fortnightly mortgage rate calculator that what you have paid for is equivalent to 13 monthly payments instead of 12. This technique used by this bi-weekly mortgage rate calculator can take several years off your mortgage term and also save you thousands of dollars in interest.

So there you have it. The choice is yours…

You can Do Nothing – and what benefits will you get … NOTHING.

Or you can take easy steps to slash the horrendous amount of interest that you would normally pay over the life of your mortgage, and shorten the term you are paying for it for, and make the poor banks to to be the losers.

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1. Review your bank statements, and you may catch errors or unwanted charges on your credit card. Especially with the potential for identity theft, you should always be aware of what is going on in your account.

2. Don’t pay avoidable fees and bank charges. Shop around for the best rates you can find, and you could save thousands of dollars over the life of your account.

3. Keep track of old bank documents, and don’t leave them lying around. An open bank statement in the back of your car with all your information exposed, lends itself to an identity thief. Also, shred or tear up old documents before throwing them out.

4. Public internet access is becoming more common, like WiFi at your local coffee shop. But these networks may not be as secure as your home network, often exposing data transferred between the coffee shop internet connection and your laptop. Save the online internet banking for home.

5. Never use obvious passwords to protect your personal bank account. Birthdays are used all too often, and change your password regularly. Remember your password, never write it down. Your own head is the safest place for it.

6. ATMs are great for getting cash fast, but like a password, never write down your pin number. Always look around to make sure it is safe to withdraw money, and use your body to shield inputting your pin number.

7. Sign or endorse checks at the bank. If you ever lose your check and it’s already signed, somebody could potentially steal your money.

8. Keep all bank documents safe, never leave them lying around. A locked filing cabinet or safe works well.

9. If you ever need a loan or mortgage, shop around. You don’t need to stick with your bank if you can find a better deal somewhere else.

10. Get to know the staff at your bank. They should be friendly and available to answer any questions you might have. Establish a good relationship with them; after all, they are holding your money.

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The Benefits of a Second Mortgage

We have already stressed the importance of carefully weighing the available options in deciding whether or not to take on a second mortgage. In this section we will outline the benefits of a second mortgage. Although a second mortgage may increase the amount the homeowner pays in the long run, there are other worthwhile benefits to this type of mortgage. Some of these benefits include:

· Debt consolidation

· Tax advantages

· Home improvement possibilities

· Favorable interest rates

Debt consolidation is just one of the many advantages to a second mortgage. A second mortgage is typically secured based on the equity in the home but it can often be used for any purpose. This gives homeowners the opportunity to consolidate several debts including high interest credit card debt, under the umbrella of a second mortgage. Debt consolidation can greatly increase monthly savings by allowing the homeowner to repay high interest debt at the lower interest rate associated with the second mortgage.

There are also tax advantages to securing a second mortgage. As we mentioned credit card debt and other debts may be consolidated under a second mortgage. This is beneficial because tax laws may enable the homeowner to deduct the interest on their second mortgage.

The opportunity to make improvements to the home also exists with a second mortgage. As previously mentioned, a second mortgage can be used for a variety of purposes. Many homeowners take out a home equity line of credit which enables them to cash out on the equity of their home for purposes such as home improvement.

Finally, favorable interest rates are another reason for homeowners to opt for a second mortgage. In making this decision the homeowner should calculate the cost of taking out the second mortgage and compare this cost to the long terms savings potential. If the long term savings potential exceeds the cost of the second mortgage, it is a worthwhile investment.

Types of Second Mortgages

In making the decision to take out a second mortgage there are two main options which homeowners should consider. The most popular types of second mortgage include a home equity line of credit or a closed-end second mortgage. In this section we will explain these two options.

A home equity line of credit is essentially a revolving line of credit which enables the homeowner to take advantage of the equity in his home. The maximum amount for this credit line is usually based on a percentage of the appraisal value, usually 75%-85%, of the home minus the balance remaining on the original mortgage. Home equity loans are ideal for homeowners who wish to have a revolving credit line at their disposal and who are secure in using their home as collateral in securing this loan.

The significant difference between a closed-end second mortgage and a home equity line of credit is the closed-end mortgage offers a fixed loan amount to be repaid over a fixed amount of time while the homeowners can withdraw additional funds from the home equity line of credit whenever there is existing equity in the home. The closed-end second mortgage is ideal for homeowners with a one time specific need for funds.

Considerations before Taking on a Second Mortgage

We have discussed the benefits of a second mortgage and the types of mortgages available but homeowners should also evaluate the risks of taking out a second mortgage. Some of these risks include:

· Losing the home if the second mortgage is not repaid

· The costs of taking out a second mortgage

· Prepayment penalties

Perhaps one of the greatest risks of a second mortgage is the threat of losing the home if the mortgage is not repaid in a timely fashion. It is important to remember the collateral for a second mortgage is often the home itself. Becoming default on the second mortgage can result in loss of the home.

There are certain expenses associated with taking out a second mortgage. These costs may include application fee, loan origination fees, appraisal fee, survey costs, home inspection fees, title fees, homeowner’s insurance and mortgage insurance. These fees could be equal to 3%-10% of the outstanding principal on the first mortgage. Before investing in a second mortgage, the homeowner should ensure the overall cost savings of the second mortgage will exceed the fees associated with taking out the second mortgage.

Finally, prepayment penalties should be thoroughly examined before taking out a second mortgage. This involves charging the homeowner for repaying the second mortgage ahead of schedule. Homeowners who intend to repay the second mortgage should ensure the lender will not charge prepayment penalties or should evaluate whether or not the penalties will be worthwhile.

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Bank checks evolved to “bills of exchange” which allowed transfer of goods without the need to rely on gold or currency. This especially was welcomed by merchants in that they did not have security worries associated with gold or currency.

Bank security procedures have evolved over the years to where it exists today. The bank check lock icon to the right of the word “Dollars,” indicating to the Bank or Credit Union that the check contains personal bank check lock security features that will help them detect a COPY from the ORIGINAL document. The MP icon, indicating that micro-security print is used in the personal bank check design. This is very small print that will break up if it is photocopied and deters fraudsters.

In the recent past, personal bank checks were only available at financial institutions. Check printers used the banks as their only sales source point. The internet was not invented.

Since the transitions brought about by the internet, ordering bank checks from printers can be a cost effective proposition. Many online sites have numerous check printers and their individual categories of designs available for purchase.

Purchasing bank checks online is safe and fast. It is completely safe and secure, safe from irregularities. Encrypted security precautions make for safe and effective ordering. The cost benefit from cutting out the bank middleman mark up charges can equal 50% or more.

There are fresh new designs and vast categories of check prints available. Unique designer styles that can educate even amuse their recipients. There exists something to fit almost any kind of personality. There are fresh new designs and vast categories of check prints available. Unique designer styles that can educate even amuse their recipients. There exists something to fit almost any kind of personality.

Besides personal bank checks, there exists business checks and even photo checks. Photo checks allow for you to post your favorite family pet or favorite photo on your check. For a business, one can display their building, logo or person as a cheap and effective use of for further advertising.

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Many banks will allow you to apply for a personal bank loan online. If it is a bank that you have a checking or savings account with already, the whole process might be a lot easier. You can apply for your loan by filling out the loan application on the banks website. once you have been approved, you can have the funds direct deposited in your bank account.

If you own a home, you may be able to use your home as collateral with the bank to get personal bank loan. This is probably the easiest way to get approved. In the current economic environment, many banks are not even making personal loans. If they are, many are requiring collateral to secure the loans.

You can find out what a banks loan requirements are before applying. If they are too strict, then you may want to consider another bank. Some banks have more lenient requirements than others. If you have good credit, you should definitely shop around for the best deal. If you do not have good credit personal bank loans may not even be possible unless you have assets to secure the loan. Banks are more strict with their lending requirements than online loan companies. They have recently had a lot more requirements to meet in order to get a loan from them.

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There are a lot of fresh personal bank check prints for all kinds of personalities. Sports fans, for example, can get checks that carry the logos of their favorite teams. Pet lovers can get personal bank checks printed with their favorite dogs, cats, or even wild animals. Do you prefer something more somber and artistic? Why not order checks featuring works of both classic and contemporary artists? Imagine a Picasso on every check you send out! Your recipients will not only be amused – they would be educated, too.

There are also special-edition checks available, usually through cause-oriented groups such as animal rights groups, cancer awareness groups, and other such organizations. These checks carry the advocacy messages, and some portions of what you pay to buy these checks are used to fund these organizations’ activities. By using these checks, you help them spread their messages.

There are also Christian checks that you can use to help share inspiring thoughts. These checks either have inspirational messages or images and are available not only through religious organizations, but in almost every print shop as well.

If you can’t find any pre-made check design that matches your style, why not create your own? Some print shops allow you to send them a photo that you like (either of yourself, your family, your pet), and then they scan it and integrate it into your check. Talk about issuing very unique checks! It cannot get more personal than this.

Remember to check the Internet for new check designs every now and then, because most vendors update their design portfolios regularly. Start browsing for your personal check now!

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You don’t have to use your own bank for all your banking needs. It is very likely you will find there are other banks who give lower rates for personal bank loans than your own bank. If you have been with your bank for many years they should give you the best rate and especially if you have shown your reliability as a client. Remember, loyalty should come from both sides.

Every consumer who wants personal loans from a bank should take the time to shop around. Find out the interest rates of other banks. Show your bank you can get a lower interest rate and they should be willing to do the same or even better for you. It is important to remember that you can shop around for the lowest interest rate but if you are late with a payment all banks will penalize you and if you do this often your interest rate and fees will be pushed higher and higher.

The only way to get the best possible personal bank loans is to shop around for the lowest interest rate and to make your payments on time and in full. If you do, your personal loan from a bank will be as affordable as possible within the industry.

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How can you realize such huge savings? And, how can you eliminate your mortgage debt so quickly? The bi-weekly mortgage is an answer.

Thousands of people every month search the Internet for information about a bi-weekly mortgage. And, any bi-weekly mortgage calculator will show you that you really can save a lot of money.

So, exactly what is a bi-weekly mortgage and what are your options for getting those tremendous results?

A bi-weekly mortgage simply involves making half your mortgage payment every two weeks. Since there are 52 weeks in a year, you will be making 26 payments. Since each payment is half your current monthly mortgage payment, you’ll essentially be paying the equivalent of 13 monthly mortgage payments.

How to Save Interest and Reduce the Length of Your Loan

You can save interest and reduce the length of your mortgage loan by adding extra money to your mortgage payments.

Let’s say you have a $150,000 mortgage for 30 years at 6.34%. Your principal and interest payments are $932.37 per month.

Your first payment of $932.37 covers $792.50 in interest. $139.87 is applied to the principal to help reduce your mortgage debt.

The net result of paying $932.37 is to reduce your debt by $139.87. From your viewpoint, that is what your first payment accomplishes.

Your second payment does slightly better. It reduces your debt by $140.61. But, at the same time, you pay $791.76 for interest.

But, what if you added another $140.61 to your first payment? That extra $140.61 would go directly to reducing your mortgage debt. Your first payment would then reduce your debt by $139.87 + $140.61 (or $280.48). It would have accomplished what your first two payments would have done.

Essentially you could erase the second payment from your mortgage schedule and move all the other payments up. Now instead of 360 monthly payments, you would only need to make 359 payments. And you would have saved paying $791.76 in interest.

This illustrates the benefits of adding extra money to your mortgage payments.

Bi-Weekly Mortgage Does a Similar Thing

A bi-weekly mortgage does the same thing. Because you’re essentially paying 13 mortgage payments a year, that extra money is directly reducing your mortgage debt and decreasing the length of your loan. At the same time, it’s reducing the total amount of interest you will pay.

A bi-weekly mortgage service withdraws half your mortgage payment from your bank account every two weeks. When the mortgage is due, the bi-weekly mortgage service pays the amount it has withdrawn from your account to your mortgage company.

Twice a year three withdrawals are made in a month. In those months, that extra money is added to your normal payment. This reduces your debt, decreases the length of your mortgage, saves interest and builds equity faster.

How Much Better is the Bi-Weekly Mortgage?

This depends on your total mortgage payment. The amount of your monthly mortgage payment, usually called the “PITI payment”, comprises payments for Principal, Interest, Taxes, and
Insurance. Your mortgage company actually pays your homeowner’s insurance and taxes. For the same mortgage amount, the total PITI payment varies from home to home.

Let’s say your annual real estate taxes are $2,000 and insurance is another $800. You’ll need to add one twelfth of the sum of your taxes and insurance to your mortgage payment. One twelfth of $2,800 is $233.33. Adding this to the principal and interest payment of $932.37, we’ll get a total monthly PITI payment of $1,165.70.

Using a bi-weekly mortgage right from the start, you will pay it off in just over 24 years. You’ll also save just over $49,000 in interest. So, the advantage of paying more than the minimum payments is huge. (Note that some online bi-weekly mortgage calculators do not take into account the entire PITI payment. Their results will differ from those presented here.)

Is a Bi-Weekly Mortgage Right for Me?

You can regularly add extra money to any of your mortgage payments. A bi-weekly mortgage service is just a convenient way of accomplishing this.

Now, the bi-weekly mortgage service is typically a middleman in the payment of your money to the mortgage company. It typically charges you a set-up fee (perhaps $200) and a bi-weekly withdrawal fee (about $4). This is extra money you are paying for the convenience of automatically making more than the minimum mortgage payment.

If you lack the self-discipline to write out checks for more than the minimum payments, a bi-weekly mortgage service can help you achieve the promised savings.

If you can exercise self-discipline, are dedicated to reducing your debt and believe you can make more than the minimum payments on your mortgage, then you can eliminate the middleman. You can simply add extra money to your mortgage payments and reap the benefits yourself. And, you’ll save the setup and bi-weekly withdrawal fees.

Either way, you will be reducing the length of your mortgage, decreasing the amount of interest you’re paying, and increasing your home equity faster than making the minimum payments.

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Consequently, the mailing system did not only serve its basic purpose but has, in some ways, diverted into a more lucrative function in the world of entrepreneurship and marketing. That is why most mortgage companies have engaged into the utilization of a mortgage list.

Hence, the mortgage industry followed the trend of this innovative marketing strategy. They, in turn, have come to use the mortgage list as their top marketing technique in order to boost their productivity.

Basically, the mortgage list is a collection of people’s names and addresses that represents the target market as far as a mortgage-lending business is concerned. In many instances, people who are included in a mortgage list are those that meet specific criteria.

For a mortgage broker who relies on direct marketing promotions as their way of promoting their mortgage refinancing packages, a mortgage list is considered as a vital element in accomplishing that goal. Therefore, most mortgage brokers understand that using a targeted mortgage list for their mortgage marketing campaigns, the success of their company relies squarely on the targeted mortgage list and the offer on the mail piece. It’s also a cost effective solution as opposed to an expensive media advertising campaign and at the same time an effective means of increasing the probability of a more responsive market.

Generally, there is a vast array of mortgage lists; some of the most used mortgage list criteria are as follows:

1. Basic demographic profile

This classification of mortgage lists refers to the demographic profile information of the people. The information contained therein is basically the primary source of most companies who seek the services of a mortgage list provider.

Under this category, the name, complete address, home telephone number, and the zip code of a consumer are all included.

2. The income data.

This category of mortgage list includes the income profile of the mortgage refinance prospects. This is very useful to mortgage lending companies who would like to promote their services to people who would most likely respond to their promotion based on their financial capability.

3. FICO scores.

This category relies on the FICO scores of the consumers who have an existing credit history.

Mortgage companies use the FICO mortgage lists to find prospective clients who are more closely targeted for the kind of mortgage refinancing that the mortgage company is interested in pursuing. In this case, the list can include those who have low FICO scores and have higher credit card debt so they are exceptional mortgage refinance prospects to pay off the high interest rate credit card balances.

With this type of mortgage list, mortgage-lending companies will have a greater edge on their marketing strategy by using the viability of the FICO mortgage list.

4. Home value

Because mortgages probes more on home equity programs and mortgage lending activities, companies who are in this kind of business will make use of mortgage lists with home values as a source of information. This means that people who would most likely seek mortgage refinancing are those who have higher amount of pending payables.

5. Bankruptcy files.

This category of a mortgage list refers to those who have already filed bankruptcy cases and who are in danger of imminent property loss. People on this list would make good mortgage leads because they would most likely seek the help of a mortgage refinancing company as an alternative move in their bankruptcy case, provided that the bankruptcy proceedings they have filed includes liens on properties etc.

6. Open mortgage balance.

Homeowners with an open mortgage balance for a mortgage list are great prospects for mortgage brokers & lenders. This is because people who have an outstanding balance on mortgage loans will most likely be interested in a financial solution such as home refinancing, home equity, or debt consolidations. Therefore, mortgage companies usually utilize this kind of mortgage list.

7. Name of lender.

This type of mortgage list would show a number of people who already have a mortgage with certain mortgage companies. To use this as your primary mortgage lead list, you will most likely end up with a number of potential clients who would also be interested in your services or products.

So, for businesses that are into mortgage lending, it is best that you use these mortgage lists so to help you in obtaining the kind of market suitable for the services that your company has to offer.

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-Is it convenient? Choose a bank that is close by and that you can stop by when out running your errands or one your way home from work. If you bank is all the way across town it could become a real inconvenience to have to go there.

-Compare banks. You can get on the websites of different institutes and see what types of accounts, services, and rates they offer. Find a bank that offers the services you are looking for and provides reasonable rates. Make sure you are getting the best deal on interest rates and costs for services.

-Online banking. Today many people do all of their banking online. If this is something that is important to you, find a bank whose online banking is easy to maneuver and that you feel comfortable using. Research to see which banks have the highest rankings for their online banking.

-Ask friends and family. Ask those you are close with which banks they use. Ask them what they like and dislike about their bank. They have experience with different banks and can offer a lot of recommendations.

Your money is important to you. Where you do your personal banking should be important too. Do the research, follow the suggestions above, and find the right bank to fit your needs. If you take the time to do the work you will find a bank that makes you happy and you will feel good knowing that your money is in a safe place.