Save on Interest

Sunday, July 17, 2011

By July 30, we will start the first payment for our housing loan. We are excited as this is our first major, major investment as a couple and of course, we are both excited as we can call this house our own.

But since we got this house via a loan that we get from a bank, we know that we will incur a big interest when we are done paying for the house after 20 years. That is why I got really interested when I learned about Nationwide Biweekly Administration, which can help us enroll in Interest Minimizer program.

With this program, we don’t need to switch lenders or banks or do any balance transfers, as our loan will just be restructured from monthly to a weekly or bi-weekly payment. If you will check, this will significantly reduce the years of payment from six to seven years which translate to thousands of dollars of savings in interest. What I even like about NBA is that they can pay up to four months of our amortization in case we loose our job.

We will definitely check Interest Minimizer Program so we can save big on interest and use that money to enjoy life with our kids.