Are there are any biweekly mortgage companies?


Quick Answer

Most biweekly mortgage payment programs come from third-party servicing companies who handle payment and billing services for banks and mortgage lenders, reports Sun West Mortgage Company. Many of the well-known banks and mortgage lenders do not offer biweekly mortgage payment programs.

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Full Answer

Biweekly mortgage payments allow borrowers to reduce the terms on their existing mortgage, which cuts the overall payments borrowers make in half. The theory behind a biweekly payment is to pay off the interest owed on a mortgage loan sooner; thereby reducing the time it takes to pay off the principal owed on a loan. Estimates show that biweekly mortgage payments save borrowers as much as 23 to 30 percent on interest and reduce terms by an average of eight years, according to Mortgage Calculator.

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