FAQs on The bi-weekly Mortgage Savings Program.

Bi-Weekly FAQ

Answers the most common questions on the bi-weekly Mortgage Savings Program. See how bi-weekly mortgage payments save thousands in interest.

The most frequently asked questions about the
MORTGAGE SAVINGS PROGRAM

Answers the most common questions on the bi-weekly Mortgage Savings Program. See how bi-weekly mortgage payments save thousands in interest.

WHO HANDLES MY MORTGAGE PAYMENT?

Mortgage Savings Program takes your current monthly payment, cuts it in half, and collects this payment from you every other Friday through electronic funds transfer. Maximum Financial Inc., is a licensed mortgage company and a marketing arm of the program. Tower Administrative Services, Inc. administers this program. Tower's principals have over 30 years experience working with direct debit administration. They are insured and bonded with a client base of over twenty five insurance companies, dental plans and federal employees (ex. postal employees) that have entrusted their clients to Tower's care. Tower will handle your mortgage payments in the same professional manner.

What if I sell or refinance my mortgage?

Once you have established an account with MSP, you may continue or stop at any time. You can go on "hold" for a while and start up again later. You may even make additional payments to help pay your mortgage even faster. If you sell your home, we will offer you a new account on your new mortgage at no additional cost.

WHAT HAPPENS IF MY MORTGAGE CHANGES?

If your interest rate or escrow changes, or if your loan is sold to a different mortgage company, you simply call Tower Administrative's servicing department at 1-800-223-3531 and they will make the necessary changes for you. It's that simple.

How can I be sure MSP has made my payments?

All payments processed by MSP will appear on your monthly bank statement. You can also call your lender to verify payments for a while if that makes you feel secure. After a few months you’ll rest easy.

WHAT IF I HAVE A PRE-PAYMENT PENALTY?

The majority of loans originated since 1938 do not have pre-payment penalties. However, if your mortgage happens to have one, it typically allows for prepayments of up to 20% per year. Consult your loan paperwork.

How will MSP make my payments?

Your payments will be debited electronically every other Friday or on the 5^th and 20^th of each month. There are no checks to write ... nothing to mail ... nothing to remember.

HOW DOES MSP AFFECT MY TAX DEDUCTION?

Very little in the first fifteen years. The tax deduction will be affected when the mortgage is paid off. You will not have a deduction then. However, our real enemy is not the taxes as we are often led to believe. It is indebtedness! By having your house paid off in 10-12 years sooner, you will now have more money to put away for the future. That makes good financial sense! Why pay $10,000 in mortgage payments to write off 28% or $2,800? Why not pay the mortgage off sooner, have the $10,000 as income, pay $2,800 in taxes, then pocket $7,200 instead of the mortgage company!

Do I need to contact my lender before I use MSP?

No! You don't need to notify anyone because your application will initiate notification and a direct withdrawal of a bi-weekly payment from your account. Everything is handled through Tower Administrative Services.

CAN'T I JUST PAY EXTRA PRINCIPAL EVERY MONTH ON MY OWN? WHY DO I NEED MSP?

The opportunity to pay extra principal every month on your own mortgage is a legal right in your mortgage contract. There are nearly 38 million mortgages on residences in the USA. Statistics tell us that the number of homeowners who pay extra principal month after month consistently for more than a year is less than 3%. The other 97% never do! Have you? What MSP does for the you, consumer, is put you on a disciplined automated system that guarantees you to be one of the 3% and save you $50,000-$100,000 or more in interest on your mortgage. When we're talking about $50,000-$100,000 or more, it makes sense not to leave that kind of savings to chance!

How is MSP different from other electronic payment services?

We charge an enrollment fee of $495, and we offer a unique unconditional satisfaction guarantee.

How do I get started?

See   Enrollment Form

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