So do the credit card companies. 12 monthly payments). They may then use these “rule infractions” as cause to raise your rate to over 25%!- If you are looking to refinance your mortgage, look for a mortgage that lets you pay on a bi-weekly basis. And this applies to interest on credit card payments or any other kind of debt repayment. Soon you will have shaved years and thousands of dollars in interest charges off your mortgage.That’s great, but maybe you can’t spare $100 each month. They are happy for you to pay [...] Wouldn’t you want this investment to last as long as possible? How would you like to be making 18% on an investment? If you try to pay off your mortgage early they may actually charge you for doing so. ***************************************************************© Simple Joe, Inc.David Berky is president of Simple Joe, Inc. Save Thousands On Your Mortgage The next month’s extra payment will reduce your last mortgage payment by $268. That’s nearly two times the cost of the home!A credit card debt of $7000 (now the average) at 18% being paid at the rate of $20 principal plus interest each month will take over 29 YEARS to pay off, almost as long as a home mortgage. Not only that, but you will also have your home paid off nine years and two months earlier.
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