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Paying Mortgage Twice a Month?

August 4th, 2010 at 07:08 am

Hi, everyone.

I have been out of touch for awhile. The hubster and I just bought a house and this is our first one, so we are pretty green. Just the process of buying it with all the inspection fees, appraisal, reappraisal, an engineer's report on a small issue that turned out to be nothing, and moving brought our available cash and savings down to almost nothing.

To make paying our mortgage a little easier for us and make sure we don't wind up spending the money on something else, I would like to make the mortgage payment in 2 parts. I get paid every 2 weeks, which is usually 2 times a month. As long as the payments are both there on time and the total amount is paid, do they really care? Our mortgage was sold to Bank of America, if that matters. Does anyone do this? If so, has it worked for you?

3 Responses to “Paying Mortgage Twice a Month?”

  1. creditcardfree Says:

    I looked at BOA, since our mortage is with them as well. It looks like they will only accept a full payment or the minimum payment. It would be returned if you only made a partial payment. The only way to get around this is to sign up for something that allows twice monthly payments, which I didn't see on BOA's site. Although it may be an option.

  2. creditcardfree Says:

    You could set the 1/2 the money aside, possibly another account, so that it doesn't get spent before the payment is due. My husband was paid once a week at one time, and I did have to pull a little money each week so that there would be enough for the mortage when it came due. Another account helped with this. We had it at the same bank, so transfers were instant.

  3. LittleMsMom Says:

    If you have concerns about spending the money and the mortgage company will not take partial payments.

    I would suggest openning a savings account and every two weeks deposit half the mortgage payment into the account, then once a month automatically have them pull the money out of that account to make the payment.

    At the end of the year you should have one extra payment in the savings account (deposit every two weeks but one pull per month) which is a nice cushion OR you can send it in as an extra payment once you have a full extra principle payment.

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