biweekly loan

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Biweekly Loan

A loan in which the property buyer makes payments every two weeks instead of once per month. Both payments could apply to principal and interest, or one of the payments could pay down the principal exclusively. Because of the extra payment, a biweekly loan is repaid faster, which saves the buyer additional interest payments. It is, however, more expensive in the short and medium terms; the bank may also charge extra fees for changing the payments to a biweekly structure.

biweekly loan

A loan that calls for payments every 2 weeks, rather than once a month.

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Customers are using this low-rate environment to convert to shorter term and biweekly loans, which will save thousands of dollars in interest over the remaining life of the loan.