Re: Mortgage questions for first time home buying.
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Finally, should I make monthly mortgage payments or bi-weekly?
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With bi-weekly payments, you will effectively be making 13 (actually 26 half size) rather than 12 payments per year. This will dramatically reduce the total amount of interest you pay on the mortgage over the lifetime of the loan. You will also pay off the mortgage much sooner.
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Just don't pay for this "service." Make the extra payments yourself if you are interested in pre-paying the loan.
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