Can I make a bi-weekly payment?
Yes, our servicers allow you to set up bi-weekly payments. However, you should seriously weigh the merits of this program before setting it up. A bi-weekly payment program pays off the mortgage early by making 13 payments each year (52 weeks in a year divided by 2 equals 26 half-payments or 13 full payments).
Another option would be to simply add additional principle to each monthly payment (specifically adding 1/12 of a normal monthly payment will get you at the same effect of bi-weekly payments getting you at 13 payments per year). Much simpler, and reduces your principle each time, which then reduces the interest charge as it is only applied to the remaining principle balance.
- What happens at the loan closing?
- How can you close my loan if you are not in my area?
- Can I select my own closing agent and title insurance company?
- Can I close my loan in the name of a Trust?
- Can I close my loan in the name of an LLC?
- How soon after I sign loan documents will my loan close?
- If I am receiving cash out at the end of the transaction, how will I receive my proceeds?
- If my loan is closing around the first of the month, should I still make my payment to my current lender?
- What happens to my loan after it closes?
- Can I make my monthly payments with an automated debit from my checking account?