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
A rule that the price of a house should not exceed about 2 to 2.5 times your family's gross annual earnings. Example : If annual gross income is $70,000, the highest price one could afford ...
Property that is unoccupied and thus not being used. It is usually raw land with no structure or improvements theron. ...
Court order whereby the bankrupt debtor is forgiven of this or her debts. Even though the debtor is no longer obligated for discharged debts, the bankruptcy remains in his credit report ...
Creditor's control over property. When a loan is secured with pledged assets, the creditor has the right to go to court to obtain possession of the property if the borrower defaults. The ...
Agreement in which the promises of the parties are revealed in words, either orally or in writing. ...
List of dwelling units, such as homes. ...
Person receiving la legacy from a will. Normally a legatee will receive personal property possibly including real property. ...
The individual who receives an interest in a life estate after the original life tenant's interest expires. This normally occurs after the death of the life tenant. For example, Mrs. ...
Method of constructing a brick, block, or stone wall using mortar in various overlapping patterns. The brick pattern is extremely important in terms of adding strength and stability to the ...
Have a question or comment?
We're here to help.