Minneapolis mortgage brokers are like the middlemen of the mortgage industry. They operate as individuals who introduce potential customers to mortgage firms. When it comes to mortgage, you will discover a lot of brokers that operate in a number of roles like corporate financial, retail financial, business financial, expense banking, and private financial. The top mortgage brokers will help you handle these tasks in no time.

Bi-Weekly Mortgages

Essentially, a bi-weekly mortgage is a kind of prepayment plan. Making payments every two weeks is a great way to cut the interest portion of your mortgage payment down to size. Using the same example above a $100,000 loan at 8.5% interest, you can save nearly $70,000 in interest with a biweekly mortgage.

Also, you can pay off your loan early - usually in about 20 years - rather than the 30 years you face with a conventional mortgage. If you can handle the discipline of biweekly payments, it is a great way to go. However, you may be better off getting a conventional loan and make larger payments than the lender requires - either monthly or every so often. The reason? You're not locked into the biweekly payment schedule in case you run into financial problems.

Insider Tips before Opting for a Mortgage

Before you start socking away extra money to pay off your mortgage early, do make sure your lender doesn't assess a penalty for prepayments. Some mortgages have prepayment penalties written into the contract. That's one surprise you certainly don't want to wake up to down the road - so read your mortgage carefully before you sign on the dotted line.

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