Mortgage Services

May I respond to the “Your Mortgage” column of Oct. 15 on biweekly mortgages?

It is true that you could accomplish the same result on your own. What you will not receive while doing this on your own is the service that our biweekly company offers.

This service removes the burden of making your payment, it is done automatically; requires no check writing; no handling of coupons, stamps, or envelopes; guarantees timely, accurate mortgage payments; provides accurate accounting records for the tax preparer; guarantees the savings specified on the benefit statement (as long as the conditions are adhered to); insures a good relationship with clients mortgagors; saves time, energy and patience; the extra payment is made consistently, which provides the maximum savings; the extra payment will always be applied directly to the clients principal; insures proper accounting, record keeping and tracking of all clients funds being applied to their mortgage throughout the year.

Our experience shows that very few of us are actually disciplined enough to do this ourselves in a consistent manner, which is the only way the homeowner can accrue the savings that the program was meant to provide.

We believe that our service charge of $2.50 per debit and a $500 lifetime registration fee is minimal compared to the large savings and many years taken off the term of the loan. A typical 30-year loan is paid off in little more that 20 years, at a saving of more than $65,000 in interest per $100,000 borrowed.

Again, we would agree with your writer that homeowners should be careful of the service they choose to reschedule their mortgage payments, but not to throw out the baby with the bath water.

MARK SHEER

Brea

Sheer is president of Diversified Bi-Weekly.