You will not have a deduction then. However, our real enemy is not the taxes as we are often led to believe. By having your house paid off 10-12 years sooner, you will now have more money to put away for the future. The biggest problem with bi-weeklies is the fact that they are servicing nightmares for the banks. The banks are not equipped to handle the processing.
Most banks sell their loan portfolio on the secondary market.
So the interest in a product like MSP is not a major concern with banks. The opportunity to pay extra principal every month on your own mortgage is a legal right in your mortgage contract. The Mortgage Savings Program is the smart choice. The increase to their monthly bi-weekly payment was approx. Inc. All Rights Reserved.