If you’ve recently taken on a mortgage, one of your top questions will likely relate to how quickly you can pay it off. As one of the largest financial expenses of your life, this kind of questioning is entirely logical.
At Primary Residential Mortgage in Fort Myers, we can help with all such questions related to your mortgage purchase. One possible option if you have the financial flexibility and you’re looking to pay things down a bit faster than expected? Using biweekly mortgage payments instead of the standard monthly format. Here are some basics on this option.
Using the biweekly payment option, you send in half your monthly mortgage payment amount every two weeks rather than making a single monthly payment. Those quick on the take will have already realized that this equates to you paying more money – months are longer than four weeks.
Biweekly payments can be made using a few different formats:
The primary benefit of biweekly payments is paying down principal interest faster than normal. Here’s how this happens:
There are a couple important factors to make absolutely sure of if you’re considering biweekly payments:
For more on biweekly payments, or to learn about any of our services when it comes to mortgage loans, speak to the pros at Primary Residential Mortgage in Fort Myers today.
PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646. Opinions expressed are solely my own and do not express the views of my employer.