When looking for either financing or refinancing for your home, it is very important that you consider the structure and duration of a mortgage. Your mortgage decision should heavily rest upon your monthly cash flow relative to the structure of your mortgage. This way you know the amount you can afford to repay and can determine the appropriate interest rate and term that is best for your situation.
A Bi-Weekly mortgage offers a borrower the chance to pay down your home loan more quickly with bi-weekly payments instead of monthly payments. In doing so, the borrower can typically pay off their mortgage six to eight years earlier.
If you want to quickly pay off your mortgage, and can afford to make extra payments throughout the year, you might want to consider this type of home mortgage. Money is automatically taken from your checking account and deposited into another interest bearing account. From there the funds are then applied towards your monthly mortgage payment when it is due. This way you build interest free of cost to help pay off the amount that you owe more quickly.
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