by KYW's Salil Gutt

A letter that mortgage companies routinely send to homeowners offers a bi-weekly mortgage payment plan. By making two mortgage payments a month, you will save tens of thousands of dollars in interest over the life of the loan, they reason. This fabulous opportunity can be yours for the small sign up fee of $379. So should you leap?

My advice. Toss the letter in the trash. You can do the same thing yourself, with more flexibility and at the grand cost of zero dollars. Here's how.

No doubt about it, it is a terrific idea to make additional principal payments. The part about saving thousands in interest is all true. What you want is the flexibility.  Simply make additional payments yourself. All payment coupons have a box for additional principal amounts. This way you retain the flexibility and will not be locked into a formal program that may become unaffordable should family financial circumstances change.

The bi-weekly program is just another way for mortgage companies to take a second bite of the apple when it comes to fees.