How to Make Biweekly Mortgage Payments
If you have an existing mortgage loan, you may be wondering how to make biweekly mortgage payments on your home. You will probably need to contact your lender if you have not already done so. In most cases, lenders offer their clients the option of switching to the bi-monthly payment method. This will save you from having to make three bi-monthly payments when the typical mortgage is due every two weeks.
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How to Make Biweekly Mortgage Payments
If you have an existing mortgage loan, you may be wondering how to make biweekly mortgage payments on your home. You will probably need to contact your lender if you have not already done so. In most cases, lenders offer their clients the option of switching to the bi-monthly payment method. This will save you from having to make three bi-monthly payments when the typical mortgage is due every two weeks.
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When switching to a bi-monthly mortgage payment in the middle of your monthly mortgage payment cycle, you will have to schedule your first payment for the start of your next month. Then, you will need to make one and a half monthly payments for the remainder of your mortgage term. If you want to schedule two payments per month instead of just one, you can do so by contacting your lender. However, this will affect your credit rating negatively and you may have to work harder to get approved for a loan.
There are several other reasons that people choose to make bi-monthly payments instead of monthly mortgage payments. The main reason is to spread out the amount of payment throughout the entire month. For instance, instead of making the full monthly payment on a new mortgage, the couple can put half of their combined payment towards their new house payment. They can also roll the remaining payments over into the following months so that they always have one or two more payments to pay. Regardless of why you choose to make these additional payments, you will probably find that it benefits you in the long run and that it is easier than making monthly mortgage payments.