Biweeky Fixed Mortgage

Affordable payments with faster principal reduction

Meets the demands of home buyers looking for faster principal reduction and lower total interest payments.  With the Biweekly Mortgage, every 14 days, the payment is drafted directly from the borrower's account and payment is applied to interest, principal, and other charges as specified in the loan agreement.  Consequently, the Biweekly Mortgage will have a true amortizaiton term that is shorter than the amortization term for the monthly payment mortgage.

Consumer benefits

• Faster amortization provides 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 actual term declines.
• Borrowers will enjoy the convenience of having payments drafted automatically from their bank accounts.