Biweekly Mortgages
This mortgage program is designed to meet the demands of homebuyers looking for faster principal reduction and lower total interest payments.
Every 14 days, the payment is drafted directly from the borrower's account and applied to the interest, principal and other charges as specified in the loan agreement. Consequently, the Biweekly Mortgage will have a true amortization term that is shorter than a monthly payment mortgage.
Biweekly Mortgages benefit you by …
Providing quicker equity build-up without the higher monthly payments usually associated with shorter-term mortgages.
Borrowers can qualify for a 30-year monthly payment amount, but get a loan that pays off in approximately 22 years at current interest rates; at higher rates, the term actually declines.
Borrowers will enjoy the convenience of having payments drafted automatically from their bank accounts.
Contact a Mortgage Loan Officer for current rates or for more information on any of our loan programs.
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