Question:

Should I change to a biweekly mortgage loan for the remaining term of my loan?

Answer:

If you can afford the biweekly payments, you should embrace a change to a biweekly mortgage loan plan, especially if you have many years left until you fully repay your loan. However, even if only as few as 5 years remain until loan is amortized, it is still worth it. You will be able to save thousands, even if you could reduce the term with months only.

A lender may charge you fees to transfer you to a biweekly mortgage loan plan. Well, you could use a third-party biweekly mortgage company to make the payments for you. See which one costs less, but usually the lender will be the better option.

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