15 May Understanding Biweekly Mortgage Payments
Customarily, your home loan payment is a monthly cost. After you submit your monthly payment to your lender, your money is applied to the principal, interest, and escrow. If you are interested in exploring options that may help you pay your home loan off more quickly, you may want to look into a biweekly payment. It allows you to pay in installments every two weeks instead of monthly, which comes to 13 payments per year versus 12 payments in a traditional payment structure. This seems straightforward but there a few things to consider before you decide to change your payment or do this yourself. Learn more about a biweekly mortgage by clicking here.
Reach out to one of our local mortgage planners at Fairway Independent Mortgage of the Carolinas to talk about purchasing a new home or refinancing your current home. We are truly interested in providing a mortgage experience that will set the stage for your financial future. Our goal each day is simple – help people do better in life. Let us change the way that you think about mortgages.