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Mortgage 101: Your Payment Frequency Options

As a real estate buyer, it is important for you to know how long-term costs associate with your home purchase. I came across this article that breaks down the options for mortgage payments. If you have any questions, please let me know.

Mortgage Payment Frequency

You’ve got choice when it comes to deciding on how often you’d like to make your mortgage payments. The choice is there so you can try to sync your mortgage payments with your cashflow and pay schedule. Most salaried employees get paid bi-weekly which is why bi-weekly payments are the most popular.


But not all payment frequencies are the same.

Some payment frequencies actually accelerate your mortgage repayment allowing you to reduce the total amount of interest you pay over the life of your mortgage. Choosing an accelerated payment also gets you out of mortgage debt years sooner.
Let’s have a look at the 6 different mortgage payment frequencies offered by most lenders. From least frequent to most frequent.


Payment Option Details

Payment Frequency	Description
Monthly	One payment per month for a total of 12 per year.
Semi-monthly	Two payments per month for a total of 24 for the year. With this option the total amount you pay over the year is the same as with the monthly payment (monthly payment ÷ 2).
Biweekly	A payment every two weeks. Since there are 52 weeks in a year the total number of payments over the year is 26 (52 ÷ 2). This option keeps the total payment over the year the same as with the monthly payment (monthly payment x 12 months ÷ 26).
Accelerated Biweekly	A payment of half the monthly payment every two weeks. Since there are 52 weeks in a year you will make 26 payments a year (52 ÷ 2). To calculate the amount of your accelerated biweekly payments, divide your monthly payment by two (for example: $1,000 ÷ 2 = $500). With this payment frequency you will make the equivalent of one extra monthly payment per year. You will pay off your mortgage faster and save in interest charges.
Weekly	One payment per week for a total of 52 payments for the year. The total annual payment remains the same as with the monthly payment (monthly payment x 12 months ÷ 52).
Accelerated Weekly	A payment of one quarter of the monthly payment every week. To calculate the amount of your accelerated weekly payments divide your monthly payment by four (for example: $1,000 ÷ 4 = $250). With this payment frequency you will make the equivalent of one extra monthly payment per year. You will pay off your mortgage faster and save in interest charges.

Now let’s consider an example to show what type of difference an accelerated payment can make over the life of your mortgage.


Example: Monthly vs. Accelerated Biweekly

Jose is trying to decide between paying his mortgage monthly or paying accelerated biweekly.
Details:

• mortgage principal: $250,000
• amortization: 25 years
• interest rate: 4.50% for the entire mortgage amortization period

Monthly and Accelerate Biweekly Payment Comparison

	Monthly	Accelerated Biweekly
Number of payment per year	12	26(52 weeks a year/2)
Payment	$1,383	$691
Total payments per year (principal & interest)	$16,596	$17,966
Principal paid over the amortization period	$250,000	$250,00
Interest paid over the amortization period	$165,102	$140,062
Interest saved	-	$25,040
Number of years to repay mortgage	25y	21y 9m
Years saved	-	3y 3m

As you can see in this example, Jose is much better off making the accelerated biweekly payments. He is going pay off his mortgage 3 years 3 months sooner and he will save more than $25,000 in interest payments to the lender.

TIPS FOR THE NEW HOME BUYER , Northern Virginia

Would you take home buying advice from a first time homebuyer that just spent the last year meticulously planning and saving for her dream home? I would, which is why I am sending you this great article about how to properly prepare for your first home purchase.


Want to buy your first home? You've probably got some cash saved for a down payment and maybe even recommendations for realty agents from savvy friends. But have you cleared your credit report, hired a tax adviser or weighed FHA financing compared with a conventional mortgage?
Kasara Williams, 31, has taken all three steps in a year-long quest to buy her first home. “This whole experience has taught me that it's important to have your financial act in order,” said Williams, a commercial property manager in Arlington, Va.
Not every first-time homebuyer will need a tax adviser, as Williams did to fill out forms needed to withdraw part of her IRA without being penalized. But everyone should prepare early with orderly finances, information and plenty of patience for the long, complicated process ahead.
Here's a primer on what first-time buyers need to do before they take that big plunge:


1. Credit and savings
Request a free copy of your credit report from the three major credit bureaus via www.annualcreditreport.com. Use only this link to avoid the many credit-reporting scams out there.
If you see accounts you don't recognize or negative marks on your credit report, clear them up now.
“You'd be surprised. Your parents might be on there, your cousins,” said Mary Malgoire, founder of the Family Firm, a financial advisory firm in Bethesda, Md. “It's really important to clean it up before you start this whole process.”
If you see old credit cards that you no longer use, consider closing some strategically, starting with the newest, low-limit cards that are unused. Lenders prefer a low ratio of debt to credit limit, so it's good to have more credit available than you use monthly. They like to see long-standing lending relationships, so don't close your oldest credit card. Finally, if you close too many credit cards in a short period, that raises a red flag as well.
“If you close down a lot of credit cards that you're not using, it could trip a switch. If you have too many lines of credit open, it could affect your score negatively,” said Christopher Brown, a fee-only certified financial planner in Rockville, Md. “There's a happy medium.”


2. Stick to your budget
Create or revise your monthly budget so you're setting aside the money you would pay as a homeowner that you don't pay as a renter. This includes the home mortgage, mortgage insurance, property taxes, condo or home-owner association fees, home furnishings, maintenance, cleaning and any utilities or fees your landlord pays.
Living with this budget will teach you what you truly can afford, as well as help you pay off credit card debt or add to the savings you already should have amassed for a down payment. You'll return to this budget when you actually make an offer, so consider this a draft version.
The bank and credit card statements that you use to create your budget probably will be requested later by mortgage lenders. Start keeping your financial statements and pay stubs in a file, where you'll put new documents as they arrive so everything remains current.
This is an opportunity for a reality check, said Kate Fries, a certified financial planner with the Family Firm. Will you stay in the area where you want to buy for at least five years, and do you have enough saved beyond the down payment for moving costs, maintenance and repairs?
“A lot of people jump into homeownership before they should. They get excited — their friends are doing it, the rates are really low, and the idea that you should own a home. That's not always a good starting point for making good financial decisions,” Fries said.
Review your personal and professional plans to see whether there's a chance you might move to another city for work or add to your household through marriage or childbirth, both of which have implications for your income, location and the size of your home, said Carter Ferrington, an associate broker and agent for Vogel Realty.


3. Find a good agent
Not only can your real estate agent advise you on neighborhoods and new listings of interest, that person is your advocate in a competitive market. Ask friends, family and colleagues for recommendations of an agent with expertise in your target market.
“The one thing I have that you won't have if you're a buyer is objectivity,” real estate broker Donna Evers said. “You'll fall in love with some charming front porch. I'm going to be the little angel at your elbow saying, ‘Can you borrow that much?' ”
Your agent can help craft a strategy for being a competitive bidder. For instance, sellers prefer a buyer with no inspection or appraisal contingency, but you'll need to think through your comfort level with paying for an inspection ahead of your offer being accepted and with buying a home that appraises for less than the sale price.
“These are the two things you might have to drop if you're going to be competitive,” Evers said.


4. Find a good lender
Your agent is a terrific source for the other important professional for home buyers: a mortgage lender. Whether you work with a specific lender or a mortgage broker who can connect you with many lenders, interview several individuals before choosing. But don't let anyone run your credit until you've decided, as several inquiries could raise a red flag and lower your credit score.
“Make sure that person is reputable and can perform,” Evers said, recommending that buyers check references.
You don't want to let a quarter-point-lower rate tempt you into an Internet-based lender, then be unable to reach the underwriter when you're in a fast-moving bidding war. “Get pre-approved,” Evers said.
Your lender can walk you through financing options and give you a realistic view of how much you can borrow based on your income and credit. Ask the lender to run a hypothetical scenario so you have a written estimate of the monthly principal and interest payments, closing costs, insurance fees and property taxes.
Your lender can walk through your credit report with you, give advice on improving your score and estimate how long it might take for your actions to be reflected in the credit bureaus' records. Make sure you understand in what circumstances you'll be required to buy the home — or will forfeit your earnest money — even if your loan application is ultimately denied.


5. Stay alert and ready
All that remains now is to look at properties and be ready to make an offer quickly. That means keeping your finances spiffy for the final check before the sale. “Please don't go out and buy a big car between now and settlement, or incur any new debt,” Evers said.
When you find a property you want, call utility providers for usage history and check on condo or homeowner association fees and property taxes, then build all those costs into your monthly budget. Don't let the beautiful home sway you if the expenses will push you over the limit of what you can afford.
Don't drain all your liquid resources to pay for the down payment and closing costs, Brown said. It's better to have slightly higher debt and enough cash on hand to afford emergency repairs or unexpected expenses.


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5 QUESTIONS TO ASK YOURSELF BEFORE YOU BUY YOUR FIRST HOME, Alexandria VA

You have decided that you [and your partner] are ready to buy your first home. Congratulations! We in the real estate profession see homeownership as a tremendous accomplishment. To help you achieve that dream of yours, I found some preliminary questions that can be helpful as you begin your home search.

How long is it for?
There are lots of reasons why you might not want to stay in a certain house for very long. When you are planning to have a baby it’s not to wise to buy a studio apartment in the city. You might be waiting for a promotion at work that will take you all the way over to the other side of the country. In those kinds of circumstances it’s not a good idea to buy anything and you would be better waiting for a few years to see what happens. You don’t want to be stuck with something that doesn’t fit your needs.
Can you afford it?
Do you remember what happens when your hours get cut at work, or when you know you like to spend more than your fair share of money supporting designer fashion labels? When you get a mortgage it shouldn’t really be more than 25% of your total income otherwise you might have a lovely home, but you will be stuck inside 24/7 because you don’t have any money to go out. Don’t even convince yourself you can afford more even if you fall in love with a certain place, or be prepared to have a stressful life once you sign on the dotted line.
Can you move straight in?
Your home should have passed an inspection before you even start to get a little bit excited. If anything is seriously wrong with it you have to walk away. It might be beautiful in the outside, but deep inside the heart of the house it could be rotten to the core. It’s different when there are just a few bits of work that needs to be done, but you should still check how much this will cost. If you don’t have the cash to pay for it on top of the deposit you might be left with a sub-standard house.
Are you sure you’re ready?
Once you own the home the amount of responsibilities you have multiplies. When things go wrong, and they will, it’s down to you to get them repaired. A house is like a baby and all your money gets pumped into it for the first few years. You might feel like you are too young and you want to enjoy life a little more before you are saddled with this huge debt. Think about all those summer holidays you will miss out on until you’re making a lot more money.

Who is paying for it?

When you buy your first home it’s most likely going to be with a partner because they cost a lot of money and most people can’t afford one on their own. Think about how much people split up these days and even marriage is not sacred. That isn’t meant to put you off buying somewhere to live with someone you love, but make sure it’s not a shotgun decision the both of you will regret. Owning a home with someone you are not with is very hard work and even more so depending on how you split up with each other.