Blog Category: pre-payment

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Should You Do A Bi-Weekly Mortgage?

I get a lot of clients asking me if they would save a lot of money by setting up a bi-weekly mortgage payment plan. A bi-weekly mortgage is one where you make a partial mortgage payment that gets deducted out of every paycheck, which for most people is every 2 weeks. With 52 weeks in a year, and 26 pay periods if you get paid twice a week this is a convenient way to make 13 payments a year instead of 12. I hear people say it is a scam, and not to do it. And then I hear people say that you can cut 13 years off of a 30 year loan, and that it is amazing. It is neither. Read More