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Comment by kemitche | Hacker News Reader

I am able to add additional premium payments to my payment, or as a separate payment, via my online mortgage payment site.

It sounds like the bank/site your loan is under is actively hostile towards such payments. I don't know enough about mortgages to know how to help you solve your side, though.

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The most sad part is, while I'm not OP, I had a bank that supported bi-weekly payments, my mortgage was sold, and the new bank doesn't. What a kick in the pants!

They're saving you money by not supporting bi-weekly payments :)

I assume you mean because the extra money that I'm putting into my house could make more money in the market so instead of a 13th payment, get gains in the market?

Well, as long as your (interest minus interest tax credit) rate is below inflation, youre better off putting that money in a 0% interest savings account than paying down the debt faster. Or consider 7% from a Series I bond, or investing it in something else.

Yeah, that’s the rub, isn’t it. I would have asked the person you are replying to “what is that fabled institution?” (I still want to know though) - but the problem is two-fold: first, it’s not like I can just take my mortgage with me and change banks, and second, the banks seem to change hands, or they sell mortgages to other banks. So even if you do your due-diligence, (which I did I assure you, there was a reason I went with that bank, since it had a relationship with my employer and offered preferential rates), over last X years the bank went under new management and situation changed dramatically :(

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