Quote Originally Posted by shanekingsley View Post
Update: First payment withdrawn.
Previous biweekly amount was $1293
Current biweekly amount is now at $977
Approximate reduction per month is $600.
So that works out to an additional $7k we can throw into the house per year.
= no complaints.
If that is your thinking, then you should ask them to adjust your biweekly payment back to $1293 (or comfortable amount). You will tear down the principal much quicker that way.
When our mortgage was up for renewal, we got a lower rate, which lowered our payments. But we were used to, and comfortable with, our existing amount, so we had the bank keep the withdrawals the same.
See if this is an option.

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