Speed up your mortgage? Consider the alternatives
Here’s a great article posted on philly.com earlier this week.
By Mark Jewell
AP Personal Finance Writer
BOSTON (AP) – “You have nothing to lose and so much to gain – $103,162!”
Like most recent homebuyers getting such pitches, I haven’t been enticed to pay my mortgage down faster. The gist is that by switching from monthly to biweekly payments, I can save a bundle from cutting out years of interest payments.
Still, I’m having a hard time forgetting the offer that landed in my mailbox a couple months ago. After all, the projected savings could help put my two toddlers through college someday. And my family is staring at 29 years of payments on a two-family home in a pricey market.
Read the complete article here: Speed up your mortgage? Consider the alternatives