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Should You Get a Biweekly Mortgage?
If you're looking for a way to pay off your mortgage faster and dodge some of that hefty interest, you may want to consider a biweekly mortgage.
The biweekly mortgage has become increasingly popular in recent years, as more people favor paying off their home loan early and reducing interest charges. So how does it work? Instead of making a monthly payment, you will instead split your payment in half and make it every two weeks.
How does this save you money in the long run? Because there are 52 weeks in a year, you actually have 26 half-payments, or the equivalent of 13 monthly payments per year instead of 12. That extra payment a year can really add up.
Under the biweekly payment plan, a homeowner can save tens of thousands of dollars in interest and pay off their loan balance in less than 30 years.
Other ways to pay your mortgage off early and reduce your overall interest is to pay more than the minimum each time, and tack on an extra full payment once a year - say, after you get your tax return or land that annual bonus.
By being smart about your payments, you can save big in the long run with small tweaks throughout. Before making a switch, contact your financial advisor and your mortgage lender to make sure a biweekly mortgage is a good idea for you.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
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