Biweekly Mortgages

When you think of paying your mortgage, you usually think of one monthly payment every month. However, another option that is available to you is paying biweekly. This means instead of making one payment a month, you will make a payment every two weeks, which results in two payments a month.

Are you interested in a biweekly mortgage? If so, contact a lender in your area today.

Benefits of a Biweekly Mortgage

• You can pay off your loan faster
• Your interest savings will be greater
• It is sometimes easier for people to make two smaller payments instead of one large payment
• You will save a lot in the end

Let's say you are taking out a mortgage and the once-a-month payment would be $800 a month. If you chose to pay biweekly instead, this does not mean you would pay $800 twice a month ($1,600 all together.) It means your payment would be split in half and it would be two, $400 payments a month. These are not exact figures, but they are just to give you a general idea. By doing this, you save a lot in interest, and you can turn your 30 year mortgage into a much shorter term. How short? Roughly 22 years, but this is an estimate.

If you were interested in paying a much higher payment each month in order to make your mortgage term go much quicker, than a 15 year loan would be a good choice for you. Otherwise, biweekly mortgages are your best bet. So, why doesn't everyone with a 30 year loan choose to pay biweekly? Some people don't like, or simply don't have the funds, every two weeks to pay for half of their mortgage. If you do however, it is something to consider.

Are you interested in a biweekly mortgage? If so, contact a lender in your area today.