Saving on mortage interest

[sandrajoon]

Heard about an all-in-one account? It can save folks thousands of dollars! This was new to me and I thought others might be interested in checking it out.

http://www.manulifebank.ca/index.htm...te=/index.html

[Shiloh]

they are great for disciplined people...which I will never never be!

the best way to save on mortgage interest is to get a job at the bank!
my dh .....oh don't get me started if he'd have stayed 1%...I kid you not...

[Rebecca]

Haven't gotten a chance to check out your link but if you pay an extra mortgage payment a year, making sure it goes toward principal not interest, you'll cut the life of the loan and save thousands on interest. Pay one lump sum or pay 1/2 of the monthly mortgage every 2 weeks. That will be 2 extra payments, equalling one extra month's mortgage.

[RiverSky]

Originally Posted by Rebecca

Haven't gotten a chance to check out your link but if you pay an extra mortgage payment a year, making sure it goes toward principal not interest, you'll cut the life of the loan and save thousands on interest. Pay one lump sum or pay 1/2 of the monthly mortgage every 2 weeks. That will be 2 extra payments, equalling one extra month's mortgage.

I can't remember the exact reasons, but Suze Orman talked about this in an hour long episode on Mortgages or Real Estate (I forget the topic title) and she said it's not worth it...use that money to pay off high interest loans or to put into your emergency account instead.

Aahhhhh, here it is: http://www.suzeorman.com/igsbase/igs...ExpertiseID=48

She says "don't do it!" (well, I'm paraphrasing!)