Benefits of a Bi- Weekly Mortgage Program. Faster Equity Build- Up. Build Equity faster than a traditional 3. Why You Shouldn't Use Your Lender's Biweekly Mortgage Payment Scheme. Paying your mortgage every two weeks instead of monthly could save you tons of money in interest and shave years off your mortgage. However, if your lender offers a payment plan for doing this, you should probably skip it and set it up yourself. Here's why. Some financial planners advise making two half payments on your mortgage each month instead of one. We ask that you be patient as we are currently updating our web site. You might be under the impression that your balance is reducing every two weeks, but: The 3rd party service debits your account every 2 weeks and THEY sit on your money and make interest (on top of whatever they charged you to set up the service). At the end of each 2 week debit period they now have a full payment and apply that to your lender (if they are at least this honest, as I have heard some very bad horror stories) and after a period of 6 months they finally have a complete 1/2 payment debited (so 3 total prior to this payment due date) to add to your normal payment to apply to principle reduction and that saves you some interest. Once the next 6 months passes the other 1/2 payment has been taken from your account and now you have what you were told 1. And it doesn't cost you one cent. Not everyone agrees about paying off your mortgage early, but this is another case where DIY rules. There's probably no bigger loan you'll ever take out than your mortgage. The Benefits of a Biweekly Mortgage Plan. By MARYANN HAGGERTY JUNE 30, 2011. Continue reading the main story Share This Page. BiSaver offers Equity Plus Savings and biweekly mortgage payment system to help you save thousands of dollars on your housing mortgage payments. Call us today at 1-800-368-8800! The InterestSmart.com Biweekly Mortgage Program: We provide the tools to save you thousands in interest and shave years off the life of your mortgage. Most lenders do not offer an actual biweekly payment program and rely on 3rd party processors primarily because they do not accept partial payments from the. The Biweekly Mortgage payment program would be much more real.
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