Bi-weekly mortgage loan(redirected from Biweekly Mortgages)
Bi-weekly mortgage loan
Bi-Weekly Mortgage Loan
A mortgage 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 bi-weekly mortgage 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 bi-weekly structure.