Frequently Asked Questions
With a traditional mortgage or loan, you pay monthly. With a Biweekly mortgage or loan, a payment is due every other week. The Biweekly payment amount is one-half the monthly amount.
Example: Fred and Wilma Flintstone purchased a $300,00 home. Their total mortgage payment is $1681.20 monthly. With our biweekly mortgage plan, they pay $840.60 (includes debit-fee of $2.95), every-other-week. After restructuring, they erased five years from their 30 yr loan. Their new home is mortgage-free is 25 years. They saved $37,000.00 in avoidable interest payments.
Regulation E safeguards electronically transferred dollars. You are entitled to a 100% refund if funds are automatically transferred from your account without your authorization. Your account transactions are serviced by an FDIC Member Bank. FDIC Members offer Insurance for EFT Clients up to $250,000.
The Mortgage Eraser, LLC & BWMA's preferred biweekly payment system allows borrowers to pay a little extra each debit towards their loan's principal. A little goes a long way, in accelerating your early payoff. Most customers pay an extra $10, $15, $20 or more. We apply every penny to the principal of your loan. We perform regular audits to ensure accuracy and lender accountability.
You received this document at closing. The Truth-in-Lending statement (TIL) is a federal mandated document enacted to protect new homeowners from lender deception. In many cases, the interest rate you think you have is probably not the interest rate listed on your TIL statement. With that said, the Truth In Lending Act(TILA) of 1968 is the United States federal law designed to promote the informed use of consumer credit. By requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
The short answer is no! There will be plenty of interest to write-off your taxes. But ask yourself. Do you want a tax shelter or a home paid-off with cash-accessible-whenever needed? Remember, 100 percent of foreclosures occur on homes with mortgages. The Bible says; “That the rich rules over the poor, and the borrower is slave to the lender.” - Proverbs 22:7.
Some banks do, many don’t. For most who do, their costs are higher. But, ask yourself. Would you put the Fox in charge of the Hen House? That is, precisely what happens when you make your lender your biweekly provider. You would be putting in charge the same entity that you are trying to protect yourself. There are no checks and balances. We become your gatekeeper. We audit lenders on your behalf, not theirs.
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Absolutely, we call it D.I.Y. People cut their grass. Remodel their homes. Fix their cars. Well, you get the picture. How long have you owned your property? How long have you been planning to do-it-yourself? Every month you procrastinate can lose your hundreds in exorbitant interest payments. Statistics show most people still lose thousands doing it themselves. We do it right and hassle-free. We perform regular audits to ensure accuracy and lender accountability.
When you pay less than 20% down on a new home, the lender feels vulnerable that you may default on the mortgage. Therefore, you are forced to protect the lender's interest. PMI & MIP is mortgage protection. An insurance policy that protects the lender in the event of a default on the mortgage loan is called PMI (Private Mortgage Insurance). For Conventional loans, or MIP (Mortgage Insurance Premium) for the government-insured FHA loans. Both calculate client insurance premium into the monthly payment. Most homeowners forget this fact and continue paying insurance unnecessarily. We have seen costs around $300-$400/month. We rid you of that extra financial burden quickly!
There is no catch. But there is a small enrollment fee. Also, you should be prepared to make two payments to start. You have your regular monthly payment. Then we debit two half-payments over the next 28 days unless you chose our “no money down” deferred payment option. Here you defer your Enrollment Fee over 12 months. However, your Debit Fee will be higher: $5.95 per transaction. Either way, you get to live debt-free and stress-free!