A biweekly mortgage is where the borrower makes payments
biweekly or every two weeks instead of monthly. The result
is that instead of making twelve monthly payments during the
year, you make thirteen. The extra payment reduces the
principal, substantially reducing the time it takes to pay off a
thirty year mortgage because the 26 biweekly payments are each
equal to one-half of the monthly payment. A biweekly
mortgage amortizes much faster than monthly payment loan which
can mean substantial saving over the term of your mortgage loan.
Typically a biweekly mortgage could enable you to pay for your
house an average of 6-8 years ahead of schedule.
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