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EXPERTS.TXT
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1993-09-22
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READ WHAT THE EXPERTS SAY
Here's what top publications have written about
the biweekly payment plan:
USA Today
"What started as a mortgage lender's marketing
gimmick is on its way to becoming the hottest home loan
of the decade. It's the biweekly mortgage, and it's as
simple as paying half a monthly mortgage payment every
two weeks. The attraction: Biweeklies reduce interest
expense and build home equity faster."
The Wall Street Journal
"When repaid on a biweekly schedule, a $70,000
mortgage at 10.5% annual interest produces a savings of
$60,000 compared with a standard 30-year pay-back."
Mortgage Banking Magazine
"People move around, and they see no equity build
up. With a biweekly, they see their mortgage payment
as an investment."
Business Week
"With a biweekly mortgage, where payments are made
every two weeks instead of once a month, homeowners can
save 40% in interest compared with monthly payments."
The Wall Street Journal
"The Federal National Mortgage Association (Fannie
Mae) believes this type of mortgage could appeal to
many home buyers who want to reduce the interest
payments over the life of the loan and build up equity
faster...a biweekly program establishes a structure for
speedier payments.