Definitions for **"Bi-Weekly Mortgage"**

A mortgage that schedules payments every two weeks instead of the standard monthly payment. The 26 bi-weekly payments are each equal to one-half of a monthly payment. The result is that the mortgage is paid off sooner.

A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.

a mortgage loan where the payments are made every 2 weeks. Making payments in this fashion allows you to pay the principal down faster, incurr less interest charges and ultimately, pay the loan off quicker.

A mortgage under which one-half of the monthly payment is payable every two weeks, giving the benefit of two extra payments a year; this allows a 30 year loan to be paid off in approximately 18 years.

A mortgage that requires payment twice a month, with each payment being half of the normal monthly payment amount. This results in one extra payment per year, effectively reducing the amortization period to 22 years, instead of 30 years, and subsequently reducing payment towards interest over the life of the loan

A type of mortgage that requires payments every two weeks. Bi-weekly mortgages result in interest savings because principal payments are paid earlier than with monthly payments.

A payment plan under which the borrower pays one half of a monthly payment every two weeks.

Is a mortgage which requires half the monthly payment every two weeks, Over a year , 26 half payments are made which is equivalent to 13 full mortgage payments as a result of this extra payment, the loan amortizes much faster than a loan with only 12 full payments.

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.

A payment plan under which one pays one half of a monthly payment every two weeks, saving substantially over the life of the loan.

A mortgage with payments due every two weeks, totaling 26 payments a year, allowing the debt to be retired in 18 or 19 years.

A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty year mortgage. They charge a set-up fee and a transfer fee for every payment. Your funds are deposited into a trust account from which your monthly payment is then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce your principle. You could save money by doing the same thing yourself, plus you have to have faith that once you transfer money to them that they will actually transfer your funds to your lender.

A mortgage that requires payments to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard 30-year fixed-rate mortgage, and they are usually drafted from the borrowerâ€™s bank account. The result for the borrower is a substantial savings in interest.

A mortgage which requires 1/2 the normal monthly payment every two weeks. Over the course of the year, 26 half payments are made which is equivalent to 13 full mortgage payments. As a result of this extra payment the loan amortizes much faster than a loan with normal monthly payments.

A payment plan that allows you to pay on half of your monthly payment every two weeks. In addition to substantial interest savings over the life of the loan, most people like the way the payment plan smoothes our their cash flow.

A mortgage under which one-half of the regular amortized monthly payment is payable every two weeks, giving the benefit of 13 full payments per year; this allows a 30-year loan to retire in approximately 18 years.

this type of mortgage requires repayment once every two weeks, as opposed to once every month, and helps to clear the outstanding balance quicker than usual.

A mortgage loan in which principal and interest (P&I) payments are made every two weeks and the payment amount is equal to one-half of the monthly payment.

a Craze that has been Sweeping the Mortga