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Biweekly Mortgage

A Mortgage with Affordable Payments and Faster Principal Reduction

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.


Biweekly Mortgages are similar to traditional fixed-rate, level-payment, fully amortizing mortgages, except the borrower’s payments are made every 14 days instead of once a month. Each payment is applied immediately to the loan’s principal balance, which means that the Biweekly Mortgage will be paid off much sooner, resulting in significant interest savings over the life of the loan.


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

  • 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.


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:


For borrowers who:


The Biweekly Mortgage delivers:

Seek faster equity buildup 

The more frequent payment schedule helps pay down loan principal much faster than a traditional 30-year fixed-rate monthly payment mortgage.

Value a shorter loan term

Loans that ordinarily take 30 years to amortize when paid monthly will pay off in approximately 22 years at current interest rates; at higher rates, the actual term declines even further. This means a borrower can own their home debt-free much sooner.

Want substantial interest savings

Due to faster loan amortization, the borrower pays interest on a smaller loan balance and for a shorter period of time, resulting in significant interest savings over the life of the mortgage.

Prefer convenient payments 

Borrowers enjoy the convenience of having payments drafted automatically from their bank accounts.  Biweekly payment drafts may be timed to coincide with payroll deposits for easier budgeting.



Eligibility Criteria for Biweekly Mortgages

Loan Purpose

Purchase, limited cash-out, and cash-out refinances

Loan Type/Term

Fixed-rate, level payment, fully amortizing mortgages only, based on monthly payment terms of 15-, 20-, and 30-years (10-year original term mortgages on a negotiated basis).

Biweekly Mortgages are allowed for Expanded Approval™ Levels I and II on a negotiated basis.

Property Eligibility

One- to four-unit owner-occupied principal residences, one-unit second homes, and one-to-four-unit investment properties.

Units in approved condominiums, co-ops, and PUDs are eligible. Eligible manufactured housing is allowed.

Maximum LTV/CLTV

(at origination) 

Same as those for comparable fully amortizing, fixed-rate, monthly payment mortgages, as detailed in Part 7 of the Fannie Mae Selling Guide, Exhibits 1 and 2.


Interest due is calculated by amortizing the mortgage every 14 days (rather than every 30 days), using a 365-day (not 360-day) basis year.



2006 Conforming Loan Limits

Number of
Maximum original
principal balance
Alaska, Guam, Hawaii,
and U.S. Virgin Islands only
1 $417,000 $625,500
2 $533,850 $800,775
3 $645,300 $967,950
4 $801,950 $1,202,925



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10721 Jackson Lane, Frisco TX 75035

214-387-0683EMAIL: info@brown-lending.com


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