A bi-weekly mortgage is a type of loan that requires the borrower to make payments on a bi-weekly basis, instead of the traditional monthly payments. The payments are usually for a half of the amount of a monthly payment, and are made every two weeks. This type of loan can result in significant savings for the borrower, as the payments are applied more frequently, allowing the loan to be paid off more quickly and at a lower interest rate. Additionally, some lenders offer a discount for borrowers who choose to make bi-weekly payments, as it reduces the amount of paperwork associated with the loan. Ultimately, bi-weekly mortgages are a great option for borrowers who want to pay off their loan faster and save money in the process.
About the author:
Daniel H. Weberman, The Kabinet Founder
Daniel is an attorney and the founder of Kabinet. He is always here to help answer your home ownership questions as well as anything related to using your Kabinet app. Ask Daniel a question by sending an email to email@example.com and put “Daniel” in the subject line. This is a complimentary service as part of Kabinet’s commitment to you!
Daniel, The Kabinet Founder, has made every effort to ensure the accuracy of the information within this article was correct at time of publication. He does not assume and hereby disclaims any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from accident, negligence, or any other cause. Speak to your advisor to make sure you qualify for such benefits or opportunities. Do not rely solely on this abbreviated article, it is for informational purposes only.