It doesn’t take long after you close on your loan to get an offer in the mail from your servicer to set you up on a bi-weekly payment. The offer is simple; divide your current mortgage payment in half and pay it every two weeks. By doing so, you are making 26 half payments or, more specifically, 13 full payments. That extra monthly payment goes toward the principal, so you pay your mortgage faster. All this for the low, low $300 set up fee. I think not!
If you are convinced to pay your mortgage quickly, here is the free version. Take your monthly mortgage payment and divide it by 12. Add that amount to your standard monthly payment, and you have achieved the same results as a bi-weekly payment, and viola, you did it for no cost!
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