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What is a Biweekly Mortgage?
Instead of making mortgage payments once a month, bimonthly (bi-weekly) mortgages allow the borrower to divide the monthly mortgage payment in half and pay it every other week.

Since there are 52 weeks in a year, the borrower ends up making 26 payments, which add up to 13 monthly installments instead of the usual 12.

  • advantages: The extra installments speed along the process of obtaining equity by paying off your loan faster, and by reduces the term. Most importantly, reduces the amount of interest paid on the loan because you'll be paying off your loan faster.

  • disadvantages: This loan usually comes with certain additional fees, such as a set-up fee, maintenance, and per-transactions fee.
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