principle and interest: Bi-Weekly is a Weak Choice
- 08/05/19 08:13 PM
Making additional principal contributions to your mortgage will save interest, build equity and shorten the term on a fixed-rate mortgage. The concept is sound but bi-weekly may not be the best way to do it. One strategy is to make a payment every two weeks throughout the year in the amount of half of your required principal and interest payment. Twenty-six half payments would equal thirteen full payments which would be one extra full payment per year applied to the principal. The practical problem with this approach is that lenders may not accept partial payments throughout the year. This means that you'd have … (0 comments)
Making additional principal contributions to your mortgage will save interest, build equity and shorten the term on a fixed-rate mortgage. The concept is sound but bi-weekly may not be the best way to do it. 
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