Can I make a bi-weekly payment?
Yes, Empire’s servicers bi-weekly payments. However, you may also set up additional monthly pre-apyments to your monthly mortgage payment. A bi-weekly payment program pays off the mortgage earlier by making 13 payments each year (52 weeks in a year divided by 2 equals 26 half-payments or 13 full payments).
Simply adding an additional principal pre-payment to each monthly payment (specifically adding 1/12 of a normal monthly payment will get you at the same effect of bi-weekly payments). Much simpler and remember real estate loans are simple interest meaning that all principal payments reduce the mortgage balance, and the interest charge per month is only applied to the remaining outstanding principal balance. The lower the principal balance, the lower the interest charges.
- What happens at the loan closing?
- How can you close my loan if you are not in my area?
- Can I select my own closing agent and title insurance company?
- Can I close my loan in the name of a Trust?
- Can I close my loan in the name of an LLC?
- How soon after I sign loan documents will my loan close?
- If I am receiving cash out at the end of the transaction, how will I receive my proceeds?
- If my loan is closing around the first of the month, should I still make my payment to my current lender?
- What happens to my loan after it closes?
- Can I make my monthly payments with an automated debit from my checking account?