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What is a BI Weekly Mortgage and Who wants one?

The general rule of thumb is that if you make one additional mortgage payment each year, you will reduce a 30 year mortgage down to about 22 years. However, keep in mind that if you make these additional payments, you must advise your lender - both on your check and on their billing statement - that the additional amount is to be applied to the principal balance on your loan. Otherwise, some lenders will just keep those funds in a suspense account, and it will not be credited to your mortgage.

Best Mortgage Re We recomend you use a pro. company for example http:www.americanmortgagereduction.com they have been in the bi weekly business for over 10 years and will answer any questions you may have. 888 551 5530 Patrick Slouck is the owner of the company.
Clearly, from the positive side, there is no question but that paying your mortgage twice a month will reduce your mortgage interest over the life of the loan. Keep in mind that if you make your payment once a month, every year you are making twelve mortgage payments. However, when you pay bi-weekly, you are also making one additional payment every year (52 -2 = 26 divided by 2 = 13).

We have access to a range of exclusive mortgage deals that are not available on the high street, and in come cases we can issue a virtual mortgage to you within hours. Whether you are looking for a Non Status Mortgage, a Self Cert Mortgage, a Bad Credit Mortgage Similarly, when it comes to remortgages, status remortgage, cert remortgage, a bad credit remortgage, a problem remortgage or a poor credit remortgage.

Mortgage Re Paying a mortgage on a bi-weekly basis does make sense, but it is not the only way to reduce your mortgage balance. You have to review your legal documents, promissory note and deed of trust to make sure that there is no pre-payment penalty associated with your loan. If there is no such penalty, you have the absolute right to make additional monthly payments, without having to be legally required to make a payment every two weeks.

Comprehensive UK mortgage news updated daily, with the latest news on mortgage and remortgage products, mortgage and remortgage rates, latest interest rates. Perfect for mortgage lenders to stay up to date. Essential for brokers and anyone looking for a mortgage or remortgage and the finance industry.

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Special thanks to Realty Times and Benny L. Kass for this content. Author of the weekly "Housing Counsel" column with The Washington Post for nearly 30 years, Benny Kass is the senior partner with the Washington, DC law firm of Kass & Skalet and a specialist in such real estate legal areas as commercial and residential financing, closings, foreclosures and workouts. Mr. Kass is a Charter Member of the College of Community Association Attorneys, and has written extensively about community association issues.

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