Question:

Can I have a bi-weekly mortgage payment plan on my own?

Answer:

Often, a lender or a third party company may charge you too much for a bi-weekly mortgage payment plan. The lender may charge you $500 to only switch you to a special bi-weekly payment program; a bi-weekly mortgage company will charge you less to make payments for you. However, why pay the lender $500, or risk late payments by an intermediary?

What you could possibly do is calculate how much the benefits from a bi-weekly mortgage payment plan will be and find a way to put aside those funds. Then you could negotiate with your lender to make one extra payment towards the principal per year. Since a bi-weekly mortgage payment plan really does contribute to quicker amortization and greater savings, it will be best if you arrange it on your own rather than have to pay additional charges for the right to prepay your loan.

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