8.30.19 Paying your mortgage bi-weekly to save money; Clark Stinks

Watch out for a pitch that claims you can pay your mortgage on a biweekly plan. Banks often get a commission by conning you into a biweekly payment program run by a third party. If they abscond with your money or make late payments, the bank bears no responsibility. You get more impact if you divide your monthly payment by 12, and pay that 1/12th additional principal payment each month. It is far better to set up your own biweekly payment plan. Your extra payment reduces interest which shaves more time off your loan.
Christa reads listener posts about how Clark has missed the mark in his advice this week. If you have a “Clark Stinks” to share you can leave it here.

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