Tuesday, March 31, 2009

Bi-Weekly Mortgage Payments

Paying your mortgage every two weeks, instead of every month is a great way to save money. Since there are 52 weeks in a year, a payment every two weeks will total 26 payments or the equivalent of 13 monthly payments. Many mortgage companies like Countrywide even offer this payment option directly one their website. Be careful, I have heard that some banks with charge additional fees, so read the applicable terms before enrolling.

"One extra payment a year will enable you to pay for your house an average of six to eight years ahead of schedule" [Bankrate].

Check how much you can save with this simple bi-weekly Mortgage Calculator.

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