I know I speak quite a bit about how to save money, but this is a topic that seems to interest most folks. Many of you that own homes have a 30 year mortgage. Did you know that if you have your mortgage company set up bi-weekly payments instead of monthly, you pay one full extra payment towards your principle each year? This is a great way to pay down what is probably your largest debt. Not to mention you will save yourself thousands of dollars over the course of the loan.
The way this works is your payment is broken into two separate withdrawls (2x month) that total your monthly payment you are already paying. To get started, contact your lender and tell them to get you want to start paying bi-weekly payments. Sometimes lenders charge a fee to set this up for you, but this cost would certainly be worth it for all of money you will save.
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