So my mortgage company drops me a line offering to sign me up for an ‘Equity Accelerator’ program. Instead of monthly payments they take out a little more than half the monthly amount every two weeks timed to coincide with our paychecks.
I realize that gives us 26 payments per year instead of 24 (if it were twice a month).
But it does appear to accelerate the payoff (in 15 years instead of the 18.5 we have now).
I’m supposing the mortgage holder is interested in getting the current value dollar as opposed to the future value dollar, right?
Anyone tried one of these? What does everyone think?