Bi-weekly (mortgage) Loan
Definition of "Bi-weekly (mortgage) loan"
Fixed interest rate loan in which the payments are made every two weeks, but the payment is one half the amount of a regular monthly fixed-rate mortgage with the same amortization schedule. It is a bi-weekly accelerated mortgage reduction payment plan which enables a borrower to payoff his or her current 30-year mortgage in approximately 20 years. These payment plans provide a sizable build-up of equity, saving the borrower a significant amount of interest. These plans do not change existing mortgages. The borrower is not reapplying or refinancing anything, so there are no points, no need for costly appraisals, and no credit restrictions. Rather than making one monthly payment, he or she makes a half payment each 14 days. This results in 26 half payments yearly, or an extra monthly payment each year.
Popular Real Estate Terms
Same as term nonconforming use: Property use which is in violation of the current zoning ordinance, but had been in use prior to the zoning ordinance's enactment. A nonconforming use is ...
3D Printed Homes are basically homes that were printed via 3D Printers. Though semantically the phrase is pretty obvious and straightforward, there’s a lot we need to contextualize ...
Real estate market where supply significantly exceeds demand enabling potential buyers to obtain lower prices and good deals. ...
The Exclusive Right to Sell Listing is a type of Listing where the Listing Broker/Agent wins his/her commission even if he/she wasn’t directly responsible for the sale.Let’s ...
Transactions taking place between individuals who are alive rather than when one of the parties is either dead (e.g., estate) or is contemplating death. For example, a deed may transfer ...
Flood insurance is a type of home insurance created to protect a homeowner’s property against damages caused by floods. Flood insurance is typically not included in the regular ...
Those factors causing the movement of people, industry, and business from the central city to the outside central city areas, suburbs, and/or small cities. Elements of the dispersing force ...
Indicators reflecting future changes in economic conditions; referred to as the Composite Index of 11 Leading Indicators. This index indicates the direction of the economy in the next six ...
An offset statement defines a specific property owner’s underwritten certificate against their property. The reason behind this action is to set forth the current condition of liens ...
Have a question or comment?
We're here to help.