These goats are being trained for use in Alaska during the rush for the Klondike gold fields. This photograph was taken on Morrison Street and comes from a 1904 booklet titled, In and About Portland Oregon.
While there are differing schools of thought when it comes to whether or not a person should pay off a mortgage before the loan term ends, there may be some benefits to making payments on a bi-weekly basis as opposed to monthly basis. What are some of the reasons why it may be beneficial to make two payments a month instead of one? Here are three reasons why you should ditch the monthly fees and make payments once every two weeks.
You’ll Make An Extra Payment Per Year
If you’re looking to pay off your mortgage ahead of schedule, making bi-weekly payments means you’ll make an extra payment every year. Instead of making 12 large payments every year, you’ll make 26 small payments. These 26 small payments would be equal to about 13 large payments.
This is the equivalent of an extra payment per year and 10 extra payments over 10 years. If you have a 30-year mortgage, you could pay it off between two and three years early because you will make your last payment 30 months ahead of schedule.
You’ll Provide Yourself With Financial Flexibility
Making extra payments can provide you with financial flexibility that makes it easier to deal with unexpected expenses or a job loss. As you are making a half-payment every two week, you can make your payments in smaller, more manageable chunks.
It may be a good thing if you are self-employed and may not be sure when a client will pay for services rendered. Additionally, you may have your next payment reduced or advanced if you pay more than you owe in a given month.
You’ll Reduce the Amount of Interest Paid on the Loan
Paying off your mortgage faster reduces the amount of interest that you pay on the loan. Even if you only make one extra payment per year, you could still save thousands of dollars in interest by paying your loan several months or years early.
To determine exactly how much you will save, you can use an amortization table or calculator to see how much interest you pay over the full 30 years as opposed to taking only 27 or 28 years to pay for your home. It is also important to note that making extra payments adds to the equity that you have in the home.
Making two payments instead of one each month may help you achieve financial flexibility while building equity in your home. By paying off your mortgage as soon as possible, it may enable you to put more money into a savings or retirement account. Contact a mortgage professional for more information about whether bi-weekly payments are right for you.
If you take the leap and replace your inefficient doors and windows with uPVC doors and windows, you will be making huge inroads into reducing your fuel bill and also you will the amount of condensation build-up in your home and you will have a quieter home to live in.
Reducing noise in a home may not be an issue for homeowners who live in the countryside, but in actual fact it is one of the main reasons that widows get replaced in areas where noise pollution is present, such as in the inner city, or close to a location where there is a lot of noise generated.
Another huge benefit of quality PVC doors and windows is the fact that they are stronger than ordinary windows. Having locks built into the framework gives these doors and windows and advantage over traditional units and triple point locking systems make it…
View original post 273 more words
A dose of interior design inspiration:
The idea of painting wood fills me with anxiety and excitement. Perhaps only design junkies can relate to that rush that comes with anticipating the failures and rewards of taking a decorating risk. I liken painting wood to coloring your hair for the first time. You believe that the result will look new, fresh, playful, and fabulous, and yet… you may NEVER be able to get it back to it’s original color AGAIN! At least not without some suffering. But taking risks can be liberating. I love what New England designer Sarah Steinberg did with this converted barn. The rustic farmhouse frame appears light and youthful covered in this on-trend minty blue-green. Somehow I doubt the homeowner wasted a single moment mourning the loss of the natural wood finish.
For more design inspiration visit my Pinterest page:
Photo Credit: Houzz – Steinberg Custom Designs
Most of your days are centered on your workplace or home. This means that how you feel about your home directly impacts the way you feel every day. If your home makes you feel happy and relaxed, it helps you to recharge and be ready next time you leave. This article presents a variety of exciting and creative ideas for turning your house into a comfortable and loving home.
View original post 424 more words
On Monday, the transformation of Williams will begin as construction starts on the North Williams Safety Project. There are a lot of changes, but the biggest on Williams is that most of it will be one lane and the bike path is moving to the left side. Rodney will also see the addition of speed bumps and a diagonal traffic diverter at Ivy.
View original post 139 more words
This aerial from 1935, gives us a great view of the ships arriving at the Portland waterfront for the rose festival. In this image we see the old (second) Morrison Bridge, the Burnside Bridge, and the Steel Bridge. This is a wonderful example of what the waterfront once looked like before the waterfront park existed.
This photograph was captured at Nu Food Products kitchen located at 5757 NE Martin Luther King Jr. Blvd. Here we have an interior view of the work area with four workers. The date of this image is circa 1931.
In this image we see children and recreation directors gathered with garbage cans and bundles of paper for Guilds Lake Clean Up week. This photograph was taken on July 28, 1944 as a part of the Housing Authority of Portland series of photos documenting life in the various housing units.
CURRENT MORTGAGE RATES “IN THE MONEY” FOR MILLIONS
Current mortgage rates are at their lowest levels of 2014, and at a 15-month best. Along with rising home values, it’s an excellent time to buy a home or refinance one.
Recent data shows that the number of home buyers greatly outnumbers existing homeowners looking to save money via refinance. It’s a strange observation considering that the typical refinancing household saved close to 30% via refinance last quarter.
At today’s mortgage rates, millions of U.S. homeowners remain “in the money” to refinance. Yet, purchase activity will likely outpace refinancing through the end of 2014 and into 2015.
Rents are rising faster than home prices, shifting the math of “Buy vs Rent”.
REFINANCE TO CANCEL FHA MIP, SAVE 30%, OR OTHER
Purchase mortgage closings market share two percentage points in July as compared to the month prior, according to data from mortgage origination software provider Ellie Mae.
View original post 571 more words
The number man is standing close to the Harbor Wall near Davis St., with the Steel Bridge in the background to the north. The structures on the left side of the image are on Front Ave.
Historic Homes & Buildings: The John Antonio House
The Second Oldest House in Eliot
There is one small old house tucked away inside our architecturally diverse neighborhood that could escape being noticed during a walk. It is not a fancy Victorian-era house loaded with gingerbread but a simple cottage with a shallow bay window in front. The Antonio Cottage can be found in the middle of the block on the south aide of NE Tillamook between Martin Luther King Jr. Blvd. and NE 7th Avenue at number 528. The house sits on one of the earliest blocks developed when the “Townsite of Albina” was laid out in 1873. Research has revealed that this is the second oldest structure known in our neighborhood.
View original post 545 more words
Portland’s Failure to supportFair Housing Actleads to subsidized segregation (is this legal?)
Portland’s Fair Housing Act leads to subsidized segregation
Locked Out The Oregonian’s Brad Schmidt spent months analyzing data and interviewing experts for this series on the failure of local governments and agencies to fulfill a fundamental goal of the nation’s 44-year-old Fair Housing Act: to give everyone, regardless of color, a fair shot at living in a decent neighborhood. Schmidt’s investigation found that taxpayer money meant to help break down segregation and poverty is instead reinforcing it. Housing is subsidized in the poorest neighborhoods and often in areas with above-average minority populations. And few poor people and people of color get to live in desirable communities such as inner Southeast Portland and Lake Oswego
The Oregonian met resistance in seeking public records for this series. Portland Housing Bureau…
View original post 535 more words