Your biweekly mortgage plan on your mortgage is a way of getting quicker results in building your equity and paying off your home sooner.
If you’re unfamiliar with biweekly mortgage payments, this page will explain. It’s actually quite simple. First, biweekly means every two weeks. However, you’re not going to make a full monthly payment every two weeks. You actually pay half of your monthly payment every two weeks. In doing so you create one extra, full monthly payment per year. This is the base of a biweekly mortgage. biweekly mortgages presentation Also with a biweekly mortgage payment you pay half of your monthly payment every two weeks, that means you are making 26 half payments per year. 26 half payments are equal to 13 full payments. Normally you would only make 12 full monthly mortgage payments per year. That is how the 13th payment is created. The secret is in the two months where there is an extra week. Again showing the fundementals of a biweekly mortgage. Mortgage cycling offers an alternative to a biweekly mortgage! Biweekly mortgage plans

It's not surprising that biweekly mortgages are becoming more popular. A biweekly mortgage allows you to save on the interest you pay and may dramatically reduce the total amount you pay on your mortgage. And you'll build up equity in your home faster with a biweekly mortgage payment than you do with a standard monthly mortgage payment. How do you build equity more quickly? With a Mortgage Reduction plan, which is exactly half of a standard mortgage payment, you are making the equivalent of one extra mortgage payment per year. Your twenty-six payments paid in one year are basically the equivalent of 13 monthly mortgage payments. Making two payments per month, the interest you owe has less time to accrue, so more of your payment goes to repaying principal rather than interest.

Biweekly mortgages explained:
you will want to call your lender and ask for the cash management department. If they do not have such a department, then ask for someone that can help with biweekly mortgage payment inquiries. Once you are speaking to the proper person, inform them that you wish to start making biweekly mortgage payments on your loan. Ask that person what options are available to you that would enable you to set up a biweekly mortgage payment plan.