Frequently Asked Questions

Can I make a bi-weekly payment?

Yes, Empire’s servicers bi-weekly payments. However, you may also set up additional monthly pre-apyments to your monthly mortgage payment. A bi-weekly payment program pays off the mortgage earlier by making 13 payments each year (52 weeks in a year divided by 2 equals 26 half-payments or 13 full payments).

Simply adding an additional principal pre-payment to each monthly payment (specifically adding 1/12 of a normal monthly payment will get you at the same effect of bi-weekly payments). Much simpler and remember real estate loans are simple interest meaning that all principal payments reduce the mortgage balance, and the interest charge per month is only applied to the remaining outstanding principal balance. The lower the principal balance, the lower the interest charges.