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What's Credit Score?
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Your FICO
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Improve credit score
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Dispute your credit report
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Refinacing Options
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When to refinance
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How much you can afford?
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Down Payment
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Gift as downpayment
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Debt to income ratios
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Should you buy points?
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Private Mortgage Insurance
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Eliminating PMI
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Rates and A.P.R.
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Fixed vs Adjustable rate
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Financing Closing Cost
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Loan Related Costs
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Types of Taxes
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Types of Insurance
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Pay Your Loan Early
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Bi-weekly Mortgage
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Title Insurance
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How to hold title?
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How escrow works?
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Living Trust
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Mortgage Tuneup
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Mortgage saving tips
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Bi-Weekly Mortgage
If you search for "bi-weekly mortgage" with an Internet search engine, you will be overwhelmed by the number of companies offering "Bi-weekly Mortgage Reduction Services" or "Bi-weekly Savings Programs." Beware, you are entering dangerous waters.
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Beware of Bi-Weekly Mortgage Reduction Services and Savings Programs
These "Reduction Services" and "Savings Programs" are charging you fees to "make a bi-weekly mortgage payment" for you. The enticement is that they will save you an impressive amount of money on your mortgage and reduce the number of years you pay on your mortgage.
The enticement is that they will make bi-weekly mortgage payments for you.
The real story is that they are not actually making bi-weekly payments on your mortgage. They are making bi-weekly deductions from your bank account. These funds are placed into an account from which your monthly mortgage payment is made (which only takes 24 deductions - but during the course of a year 26 deductions will be made from your account). With the extra 2 deductions, the "Service" makes an additional mortgage payment. In other words rather than making 12 mortgage payments, 13 payments are made.
The enticement is that they are providing a special service to you that would either not be possible for you to get on your own or that you won't have the time or discipline to make it happen.
The real story is that you can easily make an additional mortgage payment each year. An easy way to do this is to have your mortgage payment automatically deducted from your account each month with an additional 1/12 payment to be applied to the principal amount. At the end of 12 months, you will have made an additional payment. And you won't have to pay any fees to a "Service".
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Check out online banking service for following banks:
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Bank of America
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Bank One
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Chase Bank
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CitiBank
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Union Bank of California
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US Bank
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Washington Mutual Bank
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Wachovia Bank
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Wellsfargo Bank
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