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First Mortgage Payment & BiWeekly Payments

October 3rd, 2012 at 07:06 am

We made our first mortgage payment and signed up to start the biweekly payments instead. I wanted to get that started ASAP since we have the money now. This will ensure one extra payment a year without us feeling it and it'll be easier to budget for. I like win-win situations! I am hoping to put more towards it after our credit cards and medical bills are paid off, but doubt we'll be able to. I think we'll have to seriously look at replacing our car (we only have one) at that point. It already has over 140k miles on it and those others debts won't be paid off for two years.

Next thing to do is research oil heat. I have never had it before and have to figure out how that servicing works. I also need to get a quote for a solar roof. I am going to get quotes from Solar City and Sunergy.

5 Responses to “First Mortgage Payment & BiWeekly Payments”

  1. Petunia 100 Says:

    Those bi-weekly plans are great IF (and only if) there is no additional cost to you. If there is a cost, you are better off skipping it and paying extra on your own.

  2. Personal Finance Student Says:

    Thanks for the comment Petunia. I knew they didn't have any additional cost, but your comment got me thinking and after a little more research, I noticed that I pay full payment throughout the month regardless, because they hold my payments into their own escrow and apply it all at once. I just cancelled the biweekly payment plan and will keep the money in my savings account instead. I'd rather earn the interest for my own money and make the monthly payments. I'll pay one extra payment a year (or extra 1/12 principal payment a month) and come out the same. If it starts to be a problem, because I pull that money out for other things, then I'll look at starting it again, but I don't see that being a problem.

    Anyway, thanks for the comment and making me rethink things! Smile

  3. snafu Says:

    I hope you are not shocked by all the expenses that come with home ownership. If you have an older home in a cold zone it's important to do the DIY tasks that make the house as energy efficient as possible. There are lots of suggestions on-line. 1st find all the air leakage from door frames, windows, outer wall electric outlets, window frames, fireplace flues, cracks in foundation, any pipes going outside etc.

    Stretch plastic window covers are easy to install with double sided tape and work well. If removed carefully, they can be re-used next year. In our area it's common to hang/staple quilts over door frames to retain heat. Our best money saver was the programmable thermostat to adjust temperature overnight and when the house was empty.

  4. Jerry Says:

    I think it is great that you are looking at solar systems. I have some friends who have installed them and it really does lead to some insurance of a lower bill... often significantly lower. Let us know what you find out!
    Jerry

  5. Jerry Says:

    Um... I just re-read that. "Looking at solar systems" makes it sound like you bought a telescope! Ah well, you know what I mean. Smile Jerry

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