Today, most of the money lenders accept bi-weekly mortgage payments

The most common way of repaying a loan is by paying monthly installments. Typical mortgage plans are structured in such a way that you have to make one payment in a month for a total of twelve payments in a year. The reason as to why this method is so popular is because you need to pay the same amount every month, without any difficulty in budget. But what if you split these monthly payments into two and make half of the payment after every two weeks? Surprisingly, you will find that you have made 13 payments by the end of the year which means one extra payment every year. This will save tens of thousands of dollars for you and cut off several years from your mortgage term. How a bi-weekly mortgage payment program works?: The magic of bi-weekly payment program comes from the fact that one year has 52 weeks which means that if you make your half payments after every two weeks, you get to make 26 half payments. This totals to 13 full payments in a year, instead of 12 payments through a typical monthly payment program. The 13th payment is directly applied to your principle amount, thus reducing the amount you will spend on your interest. In this way, you will be able to repay your mortgage loan earlier, by as much as 8 years on a 30 years mortgage term. How are bi-weekly payments made: Bi-weekly payments are not as simple as dividing your monthly payments into two and making your half payments after every two weeks. While this is the basic idea, you will need to check with your money lender first about whether he allows half payments or not. If you have an automatic payment system, then you will need to stop that and make changes to make half payments every two weeks.

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Today, most of the money lenders accept bi-weekly mortgage payments. Check your lender that he credit the half payments immediately upon receiving, otherwise you will not receive any benefits. You should make sure that there are no pre-payment penalties in your mortgage plans. However, if your lender does not provide the service, try a third party provider. Remember, all bi-weekly mortgage providers do exactly the same, but they charge different amount for their services. Check this Resource. and see how it works out for you. Things to take care of: Opting for a bi-weekly mortgage payment program is a useful tool, but you have to be careful of scams and service providers who claim to do the right job for you but often end up making false promises. There are several companies that take the job of converting your monthly payment plan into bi-weekly payment plan. In exchange of such a service, they charge a considerable amount. While selecting such a company or a service provider, try to know about its reputation in the market and how old it has been in the industry. You can have an idea about its services by reading its online reviews or by contacting its existing clients. So, what are you waiting for? Search for a service provider today and get your monthly mortgage payment plan changed into bi-weekly mortgage payment plan.

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