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
One of the things that humanity aspires to is open spaces and outdoor recreation opportunities, a place where families can enjoy natural beauty in its most raw form. The open space ...
Millennials – also known as Generation Y, because they come after the so-called Generation X - is a term coined for a generational extract of people born at the end of the first ...
Part of the premiums and interest that have not been returned to the annuitant before his death. ...
Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...
Structure not directly belonging to a property but considered a part of it through the use of an easement of common consent. ...
The common law right of a landowner whose land borders a river or stream to use and enjoy that water. ...
That’s the name of the study a Real Estate Broker presents to home sellers when trying to turn them into clients. In it, by making a comparison with the available houses in the market ...
An opening that lets the outside air come in or out of a structure. A ventilation fan lets the structure have access to outside air when the switch is in open position. ...
Power of attorney giving permission for a lawyer to represent a client. ...
Have a question or comment?
We're here to help.