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
Individuals, homeowners, and businesses often engage in disputes and conflicts that require fast resolution. However, everybody seeks to avoid legal proceedings. One amicable way to address ...
The real and personal assets of a person at the date of death. The distribution of the assets to the heirs depends on the provision of the will. If no will exists, the distribution is based ...
The term market segmentation is mostly used in marketing for assembling prospective buyers in groups based on their needs and their response to a marketing action. One definition of market ...
Provision permitting a lender to charge the borrower a penalty for repaying a loan before its due date. ...
Gradual and steady increase in the general price level which is bearable in the near term but may result in significant long-term price increases, See also galloping inflation. ...
Mortgage where the lender pays a borrower a fixed monthly payment based on the value of the property. It allows the borrower to receive monthly receipts against the equity in his or her ...
Claim on property by an unpaid workman or contractor. The property may be sold to recover the money owed. The legal justification of the mechanic's lien is that the labor and materials ...
part of the Department of Housing and Urban Development (HUD), which sees that complete disclosures are made for land sales. ...
Licensed real estate broker who has a listing of property for sale. ...
Have a question or comment?
We're here to help.