 |
Sleekly WeeklyWeekly Payments (also sometimes called weekly accelerated payments) means that you will make a mortgage payment every week usually on Fridays.
In effect you will make 52 equal smaller mortgage payments. The result will be the same as with bi-weekly payments. There will be two months in the year that you will make 5 payments as opposed to four.
This means you will make an extra monthly payment that will be applied straight to your principal thus reducing your mortgage amortization period with over three years, and saving you thousand in interest!
As with all the other payment options, the payments include principal and interest repayment. If you opted for your financial institution to pay the property taxes for you, your payment will also include a monthly portion set aside for property taxes.
The alternative to the bank deducting your property taxes, is to enroll in your city’s TIPP Program.
With the TIPP Program, the City will deduct 12 equal payments from your bank account to cover your annual property taxes, much the same way that your financial institution would do it.
The benefit of the TIPP program is, that if you decide to change financial institution, you won't have concerns about transferring the property tax portion to a new financial institution. The City will continue to make the necessary monthly deductions toward your annual property tax.
There might be another option that is better sutied to your needs. If you would like to speak to one of our professionals, please
contact us for a free, no obligation consultation.
|