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 critic lives at second hand. He writes about. The poem, the novel, or the play must be given to him; criticism exists by the grace of other mens genius. By virtue of style, criticism can itself become literature. But usually this occurs only when the writer is acting as critic of his own work or as outrider to his own poetics, when the criticism of Coleridge is work in progress or that of T.S. Eliot propaganda.”
—George Steiner (b. 1929)
“... criticism ... makes very little dent upon me, unless I think there is some real justification and something should be done.”
—Eleanor Roosevelt (18841962)
“Cubism had been an analysis of the object and an attempt to put it before us in its totality; both as analysis and as synthesis, it was a criticism of appearance. Surrealism transmuted the object, and suddenly a canvas became an apparition: a new figuration, a real transfiguration.”
—Octavio Paz (b. 1914)