Margate, NJ (PRWEB) October 28, 2004
Most homeowners with a mortgage can save 10's of thousands of dollars and eliminate up to 10 years of mortgage payments, while reducing their effective interest rate by 2% or more,states Edward Irion, Pres. of Equity Solutions, a mortgage consulting company.
Equity Solutions specializes in the Preferred Bi-Weekly Mortgage Plan which was developed as an adjunct to any mortgage in the USA and Canada.Homeowners DO NOT need to pay for costly refinancing and are not subject to any credit checks and monthly mortgage payments do not go up.This is accopmlished by the Preferred Bi-Weekly Mortgage Plan, which splits your monthly mortgage payment into payments every two weeks, creating an extra payment each year which is used to pay down the principal.Also offered is a free yearly audit of your account. Mr. Irion says that 45% of Adjustable Rate Mortgages have been overcharged by $1500 or more. This service can cost $350 or more yearly if performed by an accountant.
Another service offered by Equity Solutions is a professional application form for removing PMI (private mortgage insurance). PMI is insurance required by the lender to protect their investment,it is normally issued on mortgages that are initiated with under 20% down.By law it must be removed when equity in your home gets up to 22%. This figure is open to interperation and must be substantiated by proof of equity in order to remove the PMI. The savings can be $500 per year and MUCH MORE, depending on the amount of your loan. This law was instituted in 1999 and didn't grandfather in older mortgages.
Mr. Irion is a member of the Bi-Weekly Mortgage Association.
For more information and a free personalized analysis of your mortgage call Edward Irion toll free at 1-888-536-1431 or email us at email@example.com