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All the comments here have given me some direction in which to proceed. I spent some time today on the phone and the bank is willing to back-off partially in their enrollment fee so I may just pay it and join their bi-weekly program, but first I'll investigate what the laws say. Now I have a much better idea of who/where to do that thanks to you all. Also, in regards to my contract, I specifically made sure that there was nothing prohibiting me from making early partial payments. I'm going to take another look through, but to my knowledge, nothing that I've signed should limit my ability to make half payments. Also, I do all my monthly bills through automated bill pay from my bank, and in fact, the specific transaction for this payment is 100% electronic and is completed in 1 day, from initiation to being fully processed. It's nice not having to mail envelopes.
ChipJ, first thanks for the response, but as for it being "obvious" to simply make full payments when due, if you have a mortgage you should really do some investigation into the advantages of making payments 2 times a month rather than as one single lump payment--the savings in time and money will be quite obvious when you look into it.
Also, I'm not sure how you came to the conclusion that I'm "wrong" somehow? When someone says "you owe me $500 by the 30th" and you send them $250 on the 1st and another $250 on the 15th, doesn't that more than equal $500 before the 30th? Where is the wrong in that? To me, it seems that it's more wrong to have them say "yeah, we know that we have your money but we're going to pretend that we haven't recieved it yet in regards to your loan but we'll be happy to keep it in purgatory without paying you interest until we make a suitable amount of interest on the loan you've taken from us, and infact, we refuse to process your payment because it came in the wrong format unless you pay us an extra $375 to join our special program and also pay an extra $0.75 per transaction, and at that point we'll recognize the format."
As for two mortgages instead of one with insurance, in my particular situation I don't know for sure that I'll be keeping this house for the full 30 year period (although I did get a fixed 30 instead of an ARM just in case I decide to hang onto it) and for sure I'm not going to live here for the full 30. The tax benefits on the interest are right now, generating a little bit of equity is right now, and the monthly payments are approximately equal. Also, the amount of the 2nd is not such that I won't be able to buy it-out in the future. I'm not sure how giving someone else that money for the next few years would be better than me keeping at least a portion of it?
posted by 67.10.2...
, Sun, 20 Aug 2006 07:23:08, Sun, 20 Aug 2006 09:53:33
, Sat, 19 Aug 2006 16:20:48
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