Criticism
Many real estate experts argue that keeping an existing monthly payment mortgage and making one extra payment each year will result in the same savings as a Biweekly Mortgage payment plan would. They also argue that some mortgage companies charge large amounts of service fees to convert a mortgage to a Biweekly payment plan, and this may constitute an indecorous business practice on behalf of these mortgage companies. Another argument against a Biweekly Mortgage is that the lender and 3rd party processors place the first half of the monthly payment into holding until the second half of the monthly payment is applied. This system allows the bank to minimize profitability losses from the program. The Biweekly Mortgage payment program would be much more real, lucrative, and less misleading if interest and principal was applied to the account on a biweekly basis.
Read more about this topic: Biweekly Mortgage
Famous quotes containing the word criticism:
“The greater the decrease in the social significance of an art form, the sharper the distinction between criticism and enjoyment by the public. The conventional is uncritically enjoyed, and the truly new is criticized with aversion.”
—Walter Benjamin (1892–1940)
“I consider criticism merely a preliminary excitement, a statement of things a writer has to clear up in his own head sometime or other, probably antecedent to writing; of no value unless it come to fruit in the created work later.”
—Ezra Pound (1885–1972)
“However intense my experience, I am conscious of the presence and criticism of a part of me, which, as it were, is not a part of me, but a spectator, sharing no experience, but taking note of it, and that is no more I than it is you. When the play, it may be the tragedy, of life is over, the spectator goes his way. It was a kind of fiction, a work of the imagination only, so far as he was concerned.”
—Henry David Thoreau (1817–1862)