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MMA on the News Accelerated mortgage payoff

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Today's Headlines: Trump's Orders and Mortgage Rules


Treasury Report Targets Dodd-Frank

In February of 2017, President Trump issued Executive Order 13772, which gave the Secretary of the Treasury 120 days to create a report reviewing financial laws and regulations with respect to seven "Core Principles". Those principles are generally related to streamlining the financial markets and, in the President's opinion, reducing constraints that hinder economic growth.

The mandated Treasury report, issued on June 12, takes dead aim at regulations enacted as part of the Dodd-Frank Act of 2010. Republicans tend to characterize Dodd-Frank regulations as an unnecessary drag on the economy, while Democrats consider them necessary to avoid a repeat of the financial conditions that led to the housing crisis and subsequent recession.

As a potential homebuyer or seller, how will these policy changes affect you? That depends on how many, if any, of the Treasury report changes are adopted. The executive branch may directly apply some changes, while others require legislation by Congress. However, both paths meet in one spot – the Consumer Financial Protection Bureau (CFPB) .

Column: The benefits of accelerating your mortgage payment ...

Once your mortgage is approved you will be asked to sign a mortgage commitment letter that outlines the details of your loan and the repayment schedule. Most lenders offer a variety of different payment options such as monthly, bi-weekly, semi-monthly, weekly, accelerated bi-weekly or accelerated weekly. This allows the borrower to choose a repayment frequency that fits with their financial goals and their lifestyle. If paying off your mortgage as quickly as possible is one of your goals it is important that you understand the difference between regular and accelerated payment options.

If you choose a regular monthly mortgage payment, then your payment is made on the same day of every month and you will make 12 payments a year. Regular bi-weekly mortgage payments have become very popular as they match people’s payroll (i.e. every 2 weeks). The lender will take your monthly mortgage payment, multiple it by 12 months and divide by 26 pay periods in a year. With a semi-monthly schedule, the monthly mortgage payment is divided in half and two payments are made each month: 24 half payments per year. Weekly payments are calculated by multiplying your mortgage payment by 12 months and then dividing by 52 weeks in a year. With a weekly mortgage payment you will make 52 payments per year.

does anyone know how a accelerated home loan mortgage work?


Instead of making a payment monthly, some plans will set it up to pull 1/2 of your payment every other week.