What are the benefits of bi-weekly mortgage payment programs?


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.

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