In Dollars and Cents, Here's how the FMC Fixed Bi Weekly Mortgage Program Works:
Assume you have a 30 year fixed rate mortgage
of $100,000 with an interest rate of 8.50% (8.68% APR (1)) and
a monthly payment of $936.00. With the FMC Bi Weekly fixed mortgage program,
you would make a payment every other week of $468.00 --- an amount equal
to exactly half of a monthly payment.
Here's how the two mortgage
Build Equity Sooner; $ave Substantially On Interest Costs.
With traditional mortgage loans, your monthly payment is applied to both principal and interest. In the early years of the loan, very little of that payment amount goes to principal.
The FMC Bi Weekly fixed mortgage program allows you to build equity at a much faster rate than you would with a traditional monthly payment. This accelerated repayment will reduce your interest considerably and allow you to completely repay your mortgage in as little as 22 years.
That savings will be a real bonus when your
children are ready for college or when you're ready for retirement. The
FMC Bi Weekly fixed mortgage program makes one of your biggest investments
one of your smartest.
Fact: After paying nearly 23 years on a 30 year fixed monthly mortgage, you'll still owe over 50%!
Fact: After paying 15 years on a 30 year fixed monthly mortgage, you'll still owe nearly 80% of the amount you originally borrowed.
Fact: On a 30 year fixed rate monthly mortgage, you'll make over 96 unnecessary payments.
Fact: On a 30 year fixed rate monthly mortgage, you'll pay nearly three (3) times the amount you originally borrowed before paying off your mortgage.
amortization schedule on a 30 year fixed monthly
mortgage is almost all interest and little principal for years and years.
The monthly statement for a 30 year fixed monthly
mortgage arrives in the mail and it can be a depressing sight............the
loan balance was reduced slightly.
If you try the Bi Weekly fixed mortgage and decide it's not for you, you may convert to a standard monthly payment plan any time you wish. Just give 30 days notice. There is no charge for the conversion.
When you choose the Bi-Weekly fixed mortgage program, you don't have to write a check. Payments are automatically deducted every two weeks, 26 times per year from your checking or savings account. Just like clockwork, your mortgage will be paid on time, every time.
30 or 15 year Bi-Weekly fixed mortgage program.
$50,000 to $650,000 loan amounts.