Bi-Weekly Mortgage Payments

Like many Americans in this economy, we are all looking for ways to stretch the dollar. If you are looking long-term, this is a quick and painless way to make one additional mortgage payment per year without feeling it in the wallet.

“The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. ” (www.realestateabc.com/glossary)

Communicate with your lending institution to set up this payment program.

4 Replies to “Bi-Weekly Mortgage Payments”

  1. I have a monthly mortgage

    I pay biweekly

    My mortgage company only credits the account with a payment when the full payment at the end of the month is received

    So basically they hold on to 2weeks of pay for me, collect interest and then credit (debit for you financial people) my account with the mortgage payment

    Is this legal?

    Thanks
    Rich

  2. I have a monthly mortgage

    I pay biweekly

    My mortgage company only credits the account with a payment when the full payment at the end of the month is received

    So basically they hold on to 2weeks of pay for me, collect interest and then credit (debit for you financial people) my account with the mortgage payment

    Is this legal?

    Thanks
    Rich

  3. Hi Rich,

    Thanks for your comment…

    As I am not an attorney, I can not speak to the legality of your mortgage holder’s actions. Each state will vary to some degree. I will assume that you have sent a letter to your mortgage company explaining your intentions. Can you contact the company and the individual that you financed through initially?

  4. Hi Rich,

    Thanks for your comment…

    As I am not an attorney, I can not speak to the legality of your mortgage holder’s actions. Each state will vary to some degree. I will assume that you have sent a letter to your mortgage company explaining your intentions. Can you contact the company and the individual that you financed through initially?

Comments are closed.