Greater Nevada's Equity Add-Vantage can potentially achieve dramatic savings quite simply. Rather than making one monthly mortgage payment, Equity Add-Vantage deducts half of your monthly mortgage payment from your checking account every two weeks. This slight acceleration of your payments may have a notable impact in reducing the overall cost of your mortgage. In fact, by the end of a year, you could pay the equivalent of one extra monthly payment that directly reduces the principal balance of your loan.
Equity Add-Vantage accelerates your loan payoff because the additional amount is applied directly against the principal balance of your loan. The effect may potentially save you thousands of dollars in interest and take years off of your mortgage. ** For example:
On a $200,000, 30 year loan with a 5% interest rate, you could save approximately $34,000 in interest payments. Plus, you'd be able to pay off your loan in approximately 25.2 years!***
For more information, or to participate in Equity Add-Vantage, call one of our friendly servicing representatives at (775) 888-6999 or (800) 526-6999.
Note that savings in interest are a result of the additional partial payments made twice per year, not the timing of the payments.
* Equity Add-Vantage is only available on eligible mortgages originated through Greater Nevada Mortgage Services.
**Borrowers will realize the principal reduction twice in a 12-month period. Principal reduction will be made in the months where a third bi-weekly payment occurs. View the Equity Add-Vantage Payment Calendar.
***Mortgage calculations used are for illustrative purposes only. Individual results may vary. We assume no prepayments are made prior to the start of your biweekly payments. Borrower acknowledges any changes in interest rate, length of mortgage, escrow amounts, refinancing of the subject mortgage, or additional payments will have a significant effect on the savings and payment schedules. Savings in interest and early payoff are based solely upon the example provided.