The Banker's Secret

If you want to save money on your mortgage and actually know how much money you will save, this is the book for you. There are - I don't know how many - charts that show mortgage amount, interest rate, and interest paid. Use these charts to decide how much you can save over the life of your mortgage. Very worthwhile book.

This book provides excellent advice on what were until now--to many--secrets of the financial industry.Just a note on a previous review: many banks say they will NOT accept prepayment. I know of a way that every bank approves up, that saves homeowners thousands in unnecessary interest and cuts years from their mortgage. I'll gladly call or email anyone who sends an email on this subject.

The authors tell you - in plain english - how to save thousands on your mortgage by either "prepaying" or paying your mortgage biweekly (or a combination of both). Although most banks will allow you to prepay (ie. pay extra towards the principal each month), very few if any allow you to pay biweekly. One exception I know of is Primerica Financial Services (a division of Citigroup/Travelers Insurance). Anyway, as an example, simply paying biweekly on a 30 year, $100,000 loan at 7.5% fixed rate would save you over $40,000 and shorten the loan life by over 6 years. The book contains hundreds of easy to use tables that show you what you'll save on loans ranging from $50-$500,000 and interest rates from 7% - 14.75% using either the prepayment or biweekly stratagies. The authors also explain the effect these stratagies will have on taxes and home equity as well as warn you about possible penalties and extra fees you can avoid.

The authors show you - in plain english -how you can save thousands on your mortgage by either "prepaying" or by paying your mortgage biweekly (or a combination of both stratagies). Although most banks will allow you to prepay (ie. pay extra towards your principal) each month, very few if any allow you to pay biweekly. One exception I know of is Primerica Financial Services, which is a division of Citigroup/Travelers Insurance. Anyway, as an example, simply paying biweekly on a 30 year, $100,000 loan at 7.5% fixed rate would save you over $40,000 in interest and shorten the loan life by more than 6 years. The book contains over a hundred pages of easy to use tables that show you what you'll save on loans ranging from $50-$500,000, using fixed or adjustable interest rates from 7.0% to 14.75% and using either the prepayment or biweekly payment stratagies. The authors also explain how these stratagies affect your home equity and taxes and how to avoid extra fees or penalties.

This is a wonderful simple book which explains how to save tens of thousands of dollars by sending regular prepayments of as little as $25 monthly. The term of the mortgage is similarly shortened by many years, which explains the enormous interest savings. Get a copy for everyone you know with a mortgage! The software is also well worth getting