A Mortgage with Affordable Payments and Faster Reduction of Principal
Let the calendar work for you! With a Biweekly Mortgage, you make a mortgage payment every 14 days, instead of once a month. The result? By making smaller payments more frequently, you will pay off your mortgage sooner and save thousands of dollars in interest over the life of the mortgage.
A Biweekly Mortgage gives you the stability of a fixed-rate mortgage and the convenience of having payments automatically deducted from your checking, savings, or other deposit account.
Is This Mortgage Right for You?
If one of these situations describes you, a Biweekly Mortgage might be a good fit:
- You want to build equity in your home more quickly.
- You want to reduce the amount of interest you are paying.
- You prefer convenient payments.
- You are interested in timing your mortgage payments to coincide with your biweekly paychecks.
- You are nearing retirement or otherwise want to own your home debt-free sooner.
How a Biweekly Mortgage Works
You can apply for a Biweekly Mortgage to buy or refinance a one-to four-unit home, as well as certain other properties.
You can select from a fixed-rate mortgage with a term of 15, 20, or 30 years. By making more frequent payments, you pay off the mortgage much sooner. For example, with a Biweekly Mortgage, a loan that normally takes 30 years to pay off will take 22 years to pay off at current interest rates. You will then own the home debt free and have saved 8 years’ worth of interest payments!
Your mortgage payment is deducted automatically from your checking, savings, or other deposit account every 14 days—26 or 27 times a year in all. Many people find this an easy way to manage payments, especially if they pay their mortgage at the same time as they receive a biweekly paycheck. The Biweekly Mortgage requires no additional monthly fees, either.