Definitions for **"Biweekly Mortgage"**

A mortgage with payments due every two weeks, totaling 26 payments a year.

A mortgage that allows payments to be made every other week instead of monthly, to lower the cost of interest paid and shorten the term of the loan.

a fixed rate Loan in which payments are made every other week, instead of monthly

Payments are made twice a month (or every two weeks), and the additional payment is used to reduce the principal amount.

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 borrower's bank account. The result for the borrower is a substantial savings in interest.

A mortgage where the borrower pays half the monthly payment every 2 weeks.

A mortgage where payments of principal and interest are made at two-week intervals. Each biweekly payment is half the amount of a monthly payment. The advantage to a biweekly mortgage is that it amortizes much faster than traditional loans with monthly payments because the borrower makes the equivalent of 14 monthly payments each year.

A mortgage whereby the borrower makes a half monthly payment every two weeks instead of the usual 12 monthly payments. This arrangement results in 26 half monthly payments per year and a significant reduction in interest since an extra monthly payment is made.

A loan which requires mortgage payments every two weeks (to total 26 payments per year,) with each payment equal to about half of a "normal" monthly payment. Each year, the equivalent of one additional monthly payment is made, which effectively shortens the loan's term and reduces the overall interest cost.

is a mortgage that requires a payment every two weeks. Each is roughly half of what you would pay for a monthly payment. Paying every other week is the equivalent of making 13 full payments per year. Your mortgage amortizes much faster than it would with monthly payments. Broker, sometimes called a mortgage broker is someone in the business of arranging mortgages and other types of home loans, but does not actually lending the money. The broker's job is to get the borrower and the lender together. Brokers usually charge a fee or receive a commission from the lender.

Payments on this mortgage are due every two weeks. You would have a total of 26 or 27 payments per year.

A mortgage loan that requires payments every two weeks instead of one standard monthly payment. Each 26 biweekly payment is equal to one-half of the standard monthly payment. Making biweekly mortgage payments is advantageous to the buyer because it results in a substantial reduction in interest payments because the mortgage is paid off quicker.

A mortgage which requires one-half of one monthly payment every two weeks.

A type of fixed-rate mortgage with payments for half the usual monthly amount scheduled every two weeks. Because you make the equivalent of 13 months every year, the loan term is shortened from 30 years to 18 or 19 years, and total interest cost are substantially lower

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 home loan that schedules payments every two weeks so that it is paid off sooner.

A mortgage where you make "half payments" every two weeks, rather than one payment per month. This results in making the equivalent of 13 monthly payments per year, rather than 12, significantly reducing the time it takes to pay off a thirty year mortgage.

A loan requiring payments of principal and interest at two-week intervals. This type of loan amortizes much faster than monthly payment loans. The payment for a biweekly mortgage is half what a monthly payment would be.

A mortgage with payments made every two weeks instead of monthly.Since a bi-weekly has 26 payments per year -- the equivalent of 13monthly payments -- the loan is paid off much sooner typically in 18- 20 years as opposed to monthly payments for 30 years. The earlypayoff saves substantial amounts of interest.

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 requiring payments every two weeks instead of every month. This reduces the time it takes to pay off a 30-year mortgage.

A mortgage on which the borrower pays half the monthly payment every two weeks. Because this results in 26 (rather than 24) payments per year, the biweekly mortgage amortizes before term.

Type of loan whereby borrowers are required to make payments twice a month, as opposed to once a month. Though each of the 26 payments is equal to half of the traditional monthly charge, the borrower still ends up paying a substantially lower amount overall on account of a reduction in accrued interest fees.

A mortgage in which payments are made every two weeks instead of monthly, thus making the equivalent of 13 monthly payments in a year (there are 26 two-week periods) instead of 12. Allows more rapid payment of mortgage and thus less interest paid over life of the loan.

A mortgage in which you pay half of your monthly payment every two weeks instead of the full payment once a month. In this plan, then, you're actually making 13 full payments a year (26 half payments) and paying off your mortgage faster. There are formal programs that work this way, but some charge a fee. With self-discipline you could structure your mortgage this way on your own.

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

Mortgage loan payments that requires a payment twice monthly, yielding thirteen payments per year instead of twelve. This significantly reduces the time a principal is paid off.

A type of fixed-rate mortgage with payments for half the usual monthly amount scheduled every two weeks. Because the mortgage makes the equivalent of 13 months of payments every year, the loan term is shortened from 30 years to 18 or 19 years.

A mortgage that schedules payments every two weeks instead of the standard monthly payment. The 26 biweekly payments are each equal to one-half of the monthly payment. The result for the borrower is a substantial reduction in interest payments because the mortgage is paid off sooner. See also prepayment plan.

a type of mortgage in which payments equal to one-half of the regular monthly payment are scheduled every two weeks, rather than monthly. This arrangment results in the equivalent of 13 months of payments in a year, substantially less paid in interest, and a much quicker payoff on the loan.

A variation of the conventional fixed-rate mortgage offered by some mortgage companies. The biweekly mortgage shortens the loan by calling for half of the monthly payments every two weeks. Since there are 52 weeks in a year, the borrower makes 26 payments, or 13-months' worth, annually.

A mortgage on which the borrower pays half the monthly payment every two weeks, resulting in a total of 13 annual mortgage payments and an accelerated amortization.

A mortgage which requires a payment for half the monthly amount every two weeks. As a result the loan amortizes much faster than a loan with normal monthly payments. The result is as if one extra monthly payment were made each year. With this, 30 year fixed rate loan will be paid off in approximately 22.7 years. You may achieve the same affect by making extra monthly principal payments.

A loan requiring payments of principal and interest at two-week intervals. Each biweekly payment is half the amount of a monthly payment. The borrower makes the equivalent of 13 monthly payments each year. As a result, this type of loan amortizes much faster than monthly payment loans.

A mortgage loan that schedules payments every two weeks instead of once a month. The 26 biweekly payments are each equal to half of the monthly payment. The borrower gets a substantial reduction in interest payments because the mortgage is paid off sooner.

Mortgage that is paid every two weeks, rather than monthly, thus repaying the loan more quickly.

A mortgage that requires smaller payments every two weeks. In the course of a year, 26 payments are made â€” the equivalent of 13 full mortgage payments.

A Biweekly Mortgage is a payment plan where the borrower makes payments toward his principal and interest every two weeks instead of once monthly. The Biweekly payment is exactly one half of the amount a monthly payment would be. The savings a Biweekly Mortgage payment plan creates are often astounding, though they can be misleading.