What are the benefits of bi-weekly mortgage payment programs?
Answer:The main benefit of bi-weekly mortgage payment programs is the quicker amortization of a mortgage loan resulting in great savings on interest.
The way bi-weekly mortgage payment programs work allows you to make 26 half-payments which results in making 13 full monthly payments and obviously leads to quicker amortization and savings benefits.
However, enrolling in bi-weekly mortgage payment programs or using a bi-weekly mortgage company to make your payments for you can cost you over $1000 in some cases. Even though some borrowers will be happy to use some professional help with a company, most borrowers won't feel comfortable having to pay excessive fees for a bi-weekly mortgage payment program.
The way to reap the benefits of a bi-weekly mortgage payment programs without paying exorbitant fees is to simply pay a little extra towards the principal every month, or make a full 13 payment once a year. Consult with your lender how they'd prefer to go about that. The bi-weekly mortgage payment programs are designed to help you rid of debt quicker, not to have lenders charge you for additional services.
Link:
Link:
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
| Not at all | Definitely |
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
Common misspellings: mortage and morgage