Apply for a free, no-obligation quote from Florida Home Loan
Florida Home Loan offers the best interest rates on mortgage loans with outstanding customer service to
give you a pleasant experience with your re-finance,
home equity loan or new home purchase.
A mortgage in which you make payments every two weeks instead of once a month. Every two weeks equates to slightly more frequently than once a month, so essentially it's like making 13 monthly payments instead of 12 - which reduces the principal significantly and allows for faster repayment of your 30-year mortgage. Some independent companies encourage borrowers to set up bi-weekly payment schedules on 30-year loans. In such cases, your funds are deposited into a trust account from which your monthly payment is then made, with the excess funds remaining in the account until enough has accrued to make the additional payment which will then be paid and reduce your principle. You can basically do the same thing yourself, however, by just making an extra payment every so often.
