I recently changed my 30 year mortgage to a 22 year mortgage, by reading a letter from my current lender about paying every two weeks, instead of monthly. I had no idea the benefits of doing this. I save around thirty thousand dollars in the long run in interest payments and knocked off 8 years from my current 30 year note. That is the only letter that I was happy to receive from the lender. I have never heard of this before, but it worked out great for my family.
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Several years back me and my husband choose this option, and when we sold our home in 2001 we got to pocket most of the money because we had quickly paid our loan amount down. This is a great option.
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