biweekly mortgage

biweekly mortgage
An unusual home mortgage arrangement in which the borrower makes payments every two weeks instead of once a month. In a biweekly mortgage you make 26 annual payments of half your monthly mortgage amount, thanks to the number of weeks in a year. So under this arrangement you'd make the equivalent of 13 monthly payments each year instead of 12. The good news is the extra payment reduces the principal that you owe — thus allowing you to pay off a 30-year mortgage in much less time. Then again, you can normally achieve the same effect by simply adding to the amount that you pay on your monthly mortgage.
Category: Real Estate & Rental Property

Nolo’s Plain-English Law Dictionary. . 2009.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • Biweekly Mortgage — A Biweekly Mortgage is a payment plan where the borrower makes payments toward his principal and interest every two weeks instead of once monthly. The Biweekly payment is exactly one half of the amount a monthly payment would be. The savings a… …   Wikipedia

  • Biweekly Mortgage — A mortgage with principal and interest payments due every two weeks. A biweekly mortgage adds up to 26 payments per year, two payments more than a mortgage with semimonthly payments. These two extra payments significantly lower the interest… …   Investment dictionary

  • Mortgage loan — Mortgage redirects here. For other uses, see Mortgage (disambiguation). Finance Financial markets …   Wikipedia

  • ОБЛИГАЦИЯ ИПОТЕЧНАЯ — MORTGAGE BONDОблигация, обеспеченная движимым или недвижимым имуществом или тем и др. Она отличается от необеспеченных облигаций. В США облигации, обеспеченные ипотекой, пользуются большей популярностью, чем необеспеченные, тогда как в… …   Энциклопедия банковского дела и финансов

  • БАНК — BANKЛюбая организация, выполняющая любую или все из различных функций банковского дела, а именно получение, инкассирование, перевод, оплату, кредитование, инвестирование, операции, обмен и обслуживание (безопасное хранение, доверительное… …   Энциклопедия банковского дела и финансов

  • Amortization calculator — An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process. The amortization repayment model factors varying amounts of both interest and principal into… …   Wikipedia

  • Personal budget — A personal budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget. There are several methods and tools available… …   Wikipedia

  • The Christian Century — Cover of December 14, 2010 issue Editor/Publisher Exec. Editor John M. Buchanan David Heim Categories Christian magazines Frequency Biweekly Circulation …   Wikipedia

  • Flexible spending account — A flexible spending arrangement (FSA), or Flexible Spending Account, as they are commonly called, is one of a number of tax advantaged financial accounts that can be set up through a cafeteria plan of an employer in the United States. An FSA… …   Wikipedia

  • Portland, Oregon — Portland   City   City of Portland Portland s skyline from the west, with Mount Hood on the left …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”