Money Matters
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email [email protected]

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

Mortgage payments

We just purcahsed a home and since then I have noticed that there are "bi weekly payment programs" offered to pay off the mortgage.Have any  of you ladies participated in this program? If so what are the pros and cons you have found with setting up an automatic payment?

BFP #1 11/07/2012 EDD 07/09/2013 M/C 11/22/2012

BFP #2 02/05/2013 EDD 09/19/2013

Lilypie Angel and Memorial tickers

Lilypie Pregnancy tickers

Re: Mortgage payments

  • Paying half of our mortgage every two weeks coincides evenly with my and DH's paycheck schedules. Some banks charge a fee for you to do this, but ours does not, so it was a no-brainer for us.
    Baby Birthday Ticker Ticker Baby Birthday Ticker Ticker
  • image brewcitybride:
    Paying half of our mortgage every two weeks coincides evenly with my and DH's paycheck schedules. Some banks charge a fee for you to do this, but ours does not, so it was a no-brainer for us.

    The mortgage is through Wells Fargo and we could easily open an account with them. My only concern is we get paid on the 1st and 15th of every month. With paying a mortgage every other week eventually there will be one pay period that the mortgage will need to be paid twice in. I guess that is the biggest thing keeping me from signing up.

    BFP #1 11/07/2012 EDD 07/09/2013 M/C 11/22/2012

    BFP #2 02/05/2013 EDD 09/19/2013

    Lilypie Angel and Memorial tickers

    Lilypie Pregnancy tickers

  • Our mortgage is with Wells Fargo too.

    We have signed up for their payment plan - it is every other week. So, some months of the year we make 3 payments. But, the payments are smaller each time than paying your full amount once per month.

    The one drawback is having to keep a cushion in our checking account since the mortgage comes out so frequently. We have to always have $1k in there to be sure we can have the money there for the payment withdrawal. We pay $822.05 every other week.

  • We do bi-weekly payments for our Wells Fargo mortgage.  If I remember right there was the option to choose the 1st/15th of the month, however if you can do the bi-weekly payments it's a great option.  The excellent part about this option is that each full year you will make 1 full extra payment (due to the two months where we have 3 pay periods aka 26 weeks of bi-weekly instead of 24 weeks).  By making this additional payment, we called Wells to confirm that it was applied to the principal and our monthly payments have decreased.  While it's not a huge decrease for this first year, I know that in the long run it will help us to pay off the mortgage faster.  As 'Mommyliberty' stated above it does mean that you will have to make sure you have a little 'cusion' in the bank when first starting until you are used to the withdrawals each month. 

  • I would sign up for that if ours didn't charge a fee to do so.  The fee actually would increase our payment a good amount, which makes me upset because it is deterring me from saving lots of money over time.
  • I would definitely do the 1st/15th option which I believe is on there for WF.  We use the bi-weekly option so it coincides with DH's paycheck.  It is actually nice to have the 2 smaller payments so it doesn't seem like such a huge expense.  Also by paying the two principal payments extra a year it helps count down the years of the mortgage and interest you pay in full.

    Anniversary
Sign In or Register to comment.
Choose Another Board
Search Boards