Q: Why is a Weekly Payment Plan important?
A: Most homeowners obtain loans amortized over 30 years. The interest over that long of a period of time can double the original loan amount. Our Weekly Payment Plan will cut years off your loan, on average over 10 years! That equates to tens of thousands of dollars in interest savings to you.
Q: Will this Weekly Payment Plan lower my interest rate?
A: In Effect, Yes! Since you will pay off your loan years before the original term, you will be paying less in interest and less interest equates to huge savings over time.
Q: What do I get if I enroll now?
A: We customize your Weekly Payment Plan to fit your short and long-term goals. Then we facilitate the set-up process between you and your bank of choice. We work together with them to establish the appropriate accounts and automation to make this process simple and effortless for you.
Q: Are my payments going to No Payment Mortgage each week?
A: No. Your payments are made from the bank account that No Payment Mortgage helped you open and are sent directly to your mortgage company. We simply facilitate the account set-up with your bank. The funds are insured under FDIC just like any other bank account.
Q: Are there monthly fees associated with the Weekly Payment Plan?
A: No. You pay a nominal one-time fee for our services and then benefit for years to come.
Q: My mortgage company offers a bi-weekly program, is this the same?
A: No. A bi-weekly plan reduces on average 6 years off of a 30 year loan. We show you how to reduce your mortgage payments by 10 years, which will allow you to pay off your loan in 20 years. There are no monthly service fees, which most mortgage companies charge.
Q: I am thinking of purchasing a home, can this be done during the transaction?
A: Yes. In some cases, the seller can cover the up-front fee to enroll you in our program while we establish the Weekly Payment Plan immediately after closing.
Q: I don't see my bank listed on your website, can I still use them?
A: In most cases Yes. We will contact your bank to ensure they have the capabilities to support the Weekly Payment Plan. If for some reason they are unable to support it, we can easily set it up with one of the many other national banks at no cost to you so you could still utilize our program.
Q: This sounds too good to be true, why isn't everyone using it?
A: There is a certain level of commitment it takes to be diligent in paying off your loan early. We take that level of commitment out of your hands and facilitate things for you. You just say ENROLL ME and we do the rest.
Q: If I refinance my loan, do I have to pay No Payment Mortgage their one-time fee again?
A: No. We offer repeat customer discounts. Our goal is to help you achieve financial freedom by paying off your loan years early. We are only charging for our time which is greatly reduced for our repeat customers as you already understand the benefits.