Agent

Bi-weekly mortgage may be a scam

How can I save interest without incurring extra costs?

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DEAR BOB: We own our home and recently learned about a bi-weekly mortgage, which would pay off our home loan in about 21 years. But when I contacted our credit union mortgage lender, they refused to convert our home loan to bi-weekly payments so we can save thousands of interest dollars. Now we are getting offers from a company that will set us up with a bi-weekly mortgage to save us money. What should we do? – Michael E. DEAR MICHAEL: Your current credit union mortgage lender has no obligation to convert your home loan into a bi-weekly mortgage. Purchase Bob Bruss reports online. Reading between the lines of your letter, it sounds like you met someone who represents a bi-weekly mortgage plan. For a fee, usually around $395, plus a $6 monthly fee, you can be set up with a bi-weekly mortgage. But did you read the fine print that you will still have the same mortgage, with the bi-weekly mortgage company collecting one-half of your current monthly payment every two weeks from y...