💰 Unlock the Power of Accelerated Mortgage Payments! 💪✨
When it comes to your mortgage payments, there are six frequency types to choose from. Let's explore them together:
1️⃣ Monthly payments – 12 payments per year
2️⃣ Semi-Monthly payments – 24 payments per year
3️⃣ Bi-weekly payments – 26 payments per year
4️⃣ Weekly payments – 52 payments per year
5️⃣ Accelerated bi-weekly payments – 26 payments per year
6️⃣ Accelerated weekly payments – 52 payments per year
Options one through four align with your payday frequency, making it convenient to sync your mortgage payments with your employer.
But options five and six offer something extra: the "accelerated" advantage. By choosing the accelerated bi-weekly or weekly payment frequency, you can supercharge your mortgage repayment journey without even realizing it!
🚀 How does it work?
With accelerated bi-weekly payments, you make 26 payments in a year. Instead of dividing the total annual payment by 26, you divide it by 24, as if you were making semi-monthly payments. Then, you make 26 payments at this higher amount on a bi-weekly schedule.
💲 Save on Borrowing Costs:
By opting for accelerated payments, you automatically reduce your overall borrowing costs. These small extra payments, seamlessly integrated into your regular payment schedule, make a significant impact on paying down your mortgage faster.
If you're curious about the numbers and want to explore the benefits further, I'm here to assist you.
