Did you know Prosperity Mortgage can offer you and your clients many different options as to when and how they would like to pay their mortgage?
Unlike most other loan servicers, we do not charge borrowers for this service. Your buyers can save thousands of dollars over the life of their loan by using several of these payment features.
Prior to or after loan closing, customers can choose from a number of convenient, secure, and free ways to enroll in automatic electronic withdrawals to make their mortgage payments. I can help with this. Here are the details:
- It’s automatic! Electronic withdrawals can be from any checking or savings accounts—can even split payments among up to 4 different accounts!
- It’s flexible! Choose a schedule that matches payday cycles
- weekly (1/4 total payment)
- biweekly (1/2 total payment every other week)
- semi-monthly (1/2 total payment on the 15th and 1st)
- monthly (total payment on due date or up to 4 days past due date)
Pay off loan earlier—Accelerate the equity growth—Pay less interest
With a weekly or biweekly schedule, you automatically make one additional payment per year that is applied directly to the outstanding principal balance. You can elect to add additional principal to a semi-monthly or monthly schedule to accomplish the same results.
Example: On a $200,000, 30-yr fixed at 6.5%—pay off would be 24.3 years instead of 30!
Pay off 5.7 years sooner and savings of $57,174.57!
Contact me with any questions about this information – Email, Facebook or Twitter
DISCLAIMER: ABOUT 10% OF OUR LOANS ARE SOLD TO A LENDER OTHER THAN WELLS FARGO AND THIS OPTION MAY NOT BE AVAILABLE WITH OTHER LOAN SERVICERS.
