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Bi-Weekly Mortgage Payments

Feb 26, 2009 | Personal | 4 comments

Written By Heidi Rozeske

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.

Written By Heidi Rozeske

Heidi Rozeske, the founder of Glass Slipper Homes, brings over 15 years of real estate expertise to the table. Her dedication to client satisfaction and her keen eye for detail make her an invaluable asset in your home-buying journey. Outside of real estate, Heidi enjoys staying active with pilates, indulging in creative hobbies like knitting and gardening, and sharing her thoughts through writing. Her commitment to community and personalized service sets Glass Slipper Homes apart in the Madison area.
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4 Comments

  1. Rich
    Rich on March 4, 2009 at 2:12 am

    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. Rich
    Rich on March 3, 2009 at 8:12 pm

    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. Heidi
    Heidi on March 4, 2009 at 4:14 am

    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. Heidi
    Heidi on March 3, 2009 at 10:14 pm

    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?