Biweekly mortgage loan Flashcards
(2 cards)
1
Q
What is a biweekly mortgage loan?
A
The borrower makes a payment of one-half the normal monthly payment every two weeks
This structure allows borrowers to pay off their mortgage faster and save on interest.
2
Q
In a biweekly mortgage loan, the borrower makes ____ biweekly payments, which is the equivalent of an extra month’s payment each year.
A
26
This results in a total of 13 monthly payments per year instead of 12.
