Quote:
Originally Posted by legion
My favorite is the "Equity Accelerator" that my bank offers. They will switch your mortgage payments from monthly to once-every-four-weeks at the same dollar amount per payment. This will allow you to build equity faster as you end up making an extra payment every year. All for a "convenience fee" of $50 a payment.
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I never figured out what the deal was on those. Being a cynic, I ran the numbers and came up with similar bottom line, so I couldn't figure out what the
benefit would be.