Ms. Lank: Making bimonthly mortgage payments — good idea, or bad? — Via e-mail
Answer: As with many financial plans, what might be good for one person could be bad for another.
First off, though, you haven't been offered a "bimonthly" plan. That would mean "every two months." More likely, what you're asking about is a chance to make biweekly payments, with half a regular payment automatically taken out of your savings or checking account every tw ...
Be careful of bimonthly payment schemes that charge a fee for the priviledge of paying extra on your mortgage. Some 'services' have sprung up that offer this as well. Their fees are especially excessive.
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