One of the most effective ways of saving money on loans is by using a bi weekly mortgage repayment plan. The reason why many money lenders are adopting this plan is because it helps to create a steady repayment method for money borrowers. This plan is also more in demand by both lenders and borrowers. As per this payment plan you can look forward to saving huge amounts of money on your mortgage loan plus it also helps in reducing the time that you have to repay the loan amount.
What is A Bi Weekly Payment Plan?
In accordance to this plan you are not getting any new type of loan neither does anything happen to your current loan plan. What you are really doing is adopting a different way of repaying the money you owe. Instead of repaying the money on monthly basis that is 12 months in a year you are repaying the money every two weeks. The benefits here is that you are actually making 26 payments in one year which is same as making 13 regular payments in a year. So if you make a payment every two weeks you will make a full extra payment every year without even realizing it.
Most of the programs are created directly by the money lender. In some cases it would be you who has to pay the fee to have the program set up for you. You may also be asked to pay mortgage ahead of time. The main objective in the bi weekly mortgage plan is that you will pay a good amount on your property that will be applied to the principle. And you will cut down on the loan and the amount it will cost you in the near future. In this process you tend to save thousands of dollars in the entire process.
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