Community Pitch

Making additional payments when you get a weekly or bi-weekly check on the months when you get an extra one can be quite difficult to actually discipline yourself to do each and every time. That is where having a bi-weekly mortgage can be very beneficial to you, even if you do indeed have to pay a few thousand dollars in total fees at the end of the mortgage loan. Keeping yourself on track by making regular payments is enough to simulate the effect of making additional payments. Therefore you don’t have to worry about keeping track of when you get your extra checks to make payments on your mortgage. Ultimately, for those people that are short on discipline when it comes to making extra payments and keeping track of extra checks should take advantage of bi-weekly mortgages. However, for those that can discipline themselves it is a lot easier and will save them some money if they just make the extra payments when the time comes around, either way both methods work and will save you a lot of money in the long run. Go to Portland Mortgage and get some great information on mortgages and more.

photo credit: patriotweb

Fortunately, it seems that the government has decided against giving away EVERYTHING in the new program designed to try to entice first time home buyers to get into the market.

For a while it appeared that they were going to allow the $8,000 tax credit to be used as the down payment on the home.  Right now with an FHA loan, a borrower needs to come in with at least 3.5% as a down payment.  If they were allowed to apply the ‘government incentive’ (i.e. gift) as the down payment, that would mean they would essentially be purchasing a house with nothing down; nothing of their own invested in the property.  Isn’t that sort of what got us into this whole mortgage mess to begin with?  It only make sense that if someone wants to be a home owner and they want to take on the responsibility of a home mortgage, that they come to the table with a least SOME of their own money in the game.