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.
Key Features
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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!
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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.
The
Target Audience for the Biweekly Mortgage
Consumer interest in retiring
mortgage debt earlier makes the Biweekly Mortgage an attractive option
for first-time home buyers, trade-up borrowers, borrowers nearing
retirement, borrowers who are paid every two weeks, or borrowers seeking
the benefits described below:
