A Bi-weekly mortgage program saves the mortgage holder from unnecessary interest payments and also helps to shorten the mortgage term by paying off the mortgage principal amounts quickly. It is one of the best ways of paying the equity more quickly, but only if the extra payments are made towards the principal. Biweekly mortgage program from a reputable mortgage lender enables a borrower to cut nearly 8 or 10 years off on a 30-year mortgage. Also, a biweekly mortgage payment program does not involve:
* Qualifying or,
* Closing costs or,
* Refinancing or,
* Any changes whatsoever to the current mortgage
Before deciding to make use of a biweekly mortgage plan, check the following details with the lender:
* Is there any penalty for pre-payment?
* Is the payment credited immediately on receipt?
* Is the extra payment being applied to the principal?
