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RE: Beating the Mortgage: Test Your Bank
I haven’t played with paying off my mortgage faster, I’ve only made one payment. Other tricks I have hear are: paying the debt early, for example, if it is due in the first, pay it on the 25th the month before.
Also, paying your mortgage twice per month, 1/2 a payment 2 weeks before it’s due and 1/2 a payment on the due date, this trickles in interest savings.
Also, when sending extra payments writing: for principal only on the check.
I plan on using all those tricks in the coming months and will report back to you.
Oh that is very interesting about the calculation. Perhaps your country's bank does 2 calculations in a month.
So far as far as I know, Malaysia does the calculation once a month. But maybe I might try just add a little in right before the turn of the month, and another right before the mid month and see if there are some "triggered calculations" inside.
Otherwise, I have a standing order that links to the savings account that automatically transfers to the loan account so that to be sure there are no delay (if paid over the counter)
Everything seems rather "automated these days" in Malaysia.
Do keep me posted with your findings @metzli and let's see what happens after your experiment, whether it will work or not!
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