Attention Realtors® Switch to KAIZEN Realty!
Say Goodbye to Commission Splits! Just a low monthly or flat fee per closing.
Say Goodbye to Commission Splits! Just a low monthly or flat fee per closing.
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| Bi-Weekly Programs | ![]() | ![]() |
| Making bi-weekly (ocurring once every two weeks) payments can shorten the life of your mortgage and reduce your interest expense over the life of the loan. Instead of making a full payment every month, you make a half payment every two weeks. Since there are fifty-two weeks in a year, you make twenty-six half payments, or thirteen full payments. As a result, you are making one extra mortgage payment per year. Making bi-weekly payments can reduce the term on a thirty-year, fixed loan to approximately twenty-two years. There are several ways to implement a biweekly program:
Ask yourself some questions before committing in writing to a bi-weekly program. Remember, any loan is potentially a bi-weekly loan. If you have the discipline to make the extra payment per month or per year, why enter into a written agreement or pay someone to help you? If you use a third party to help you, ask what their set-up and monthly servicing fees are, then determine what you're really saving. |
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