Question:

Is it possible to get a 2 year adjustable rate mortgage (2 year ARM) with biweekly payment?

Answer:

Yes, it is. You could find a 2 year adjustable rate mortgage (2 year ARM) offered with a biweekly repayment schedule on loan origination; or you could switch to a biweekly repayment plan later for a fee.

Due to the popularity of biweekly repayment programs, many new loans, including adjustable rate mortgages (ARMs), are now offered with an option for biweekly or monthly payment at closing. Even though the real estate market is currently tightened, even now 2 year adjustable rate mortgage (2 year ARM) products can be found with provided 90 or 100% financing. Some of those products do not require PMI.

If you have a regular 2 year adjustable rate mortgage, you could change to a biweekly payment plan to save on interest and amortize your loan faster; or, if your 2 year ARM bears high rates, you could see if your lender is offering a streamline refinance or no cost mortgage modification. With no cost mortgage modification, up to 0.5 to 0.75% of you loan balance may be added to the principal of your 2 year adjustable rate mortgage (2 year ARM).

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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