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.