Monday, September 01, 2008 :::  
How stupid do they think I am?

So my mortgage company sends me emails every month claiming they can save me almost $70k in interest over the course of my loan without refinancing.

Cool! But how? It's easy, instead of making a payment every month, I make a half of my regular payment every two weeks. And at the end of the year, I'll have made the equivalent of one extra monthly payment, which goes directly against my principal.

Fancy thinking, eh? Just check out the fine print:
Flexible fee options. Sign up for a
non-refundable one-time enrollment fee of
$375. There is a transaction fee of $1.50
for each biweekly draft.

Really? Is it silly to find that offensive to my intelligence? In any case, I do find it insulting. I'm going to pay them the privilege of paying them more often? I'll pass, thanks...

Okay, okay, I see the draw. I wouldn't have to worry about making the extra payment per year by myself.

That would only make sense if, over the course of a whole year, I never thought to myself "hey, I've got some extra money lying around, lets pay down the mortgage a bit."

You wanna know what gets me? I have direct debit set up, so they take my money automatically every month. Want to know how much it costs me? Nothing. Zip. Zilch. Zero.

::: posted by Soup at 11:21 PM:::

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