Mortgage Biweekly Payments
Almost anybody with a mortgage will tell you that they would do almost anything to have their mortgage paid off early. For this reason, many people choose to pay their mortgage biweekly instead of monthly. If you use this method you will spend less in interest and take years off of your mortgage term. How does something like that work?When you pay your mortgage biweekly instead of in monthly instalments, you take the normal monthly cost and divide it by two, paying one half every two weeks. If your monthly payment was $1,000 then you would pay $500 every two weeks. You end up paying more per year, because instead of making 12 monthly payments, you are making 26 biweekly payments. You will pay $1,000 more per year and the total you paid per year would go from $12,000 to $13,000. If you use this method you can easily take years off of the end of your mortgage.People also use mortgage cycling as a way to save a lot of time on their mortgage. This method is explained in great detail in “Mortgage Cycling Revealed”, but I will go
