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Maybe I’m getting old, but lately time seems to move faster as we age. As we accumulate more debt we find ourselves saying, “My bills are due already? That month flew by!” You may wonder why someone like me would want a bi weekly mortgage payment. This approach has one major benefit: principal. A person who pays a bi weekly mortgage payment will pay less interest throughout the life of the loan. More money is added to the principal that shrinks relatively quickly compared to its monthly counterpart. However, finding a bank that was willing to give me a bi weekly mortgage payment was a little challenging.
The most appealing thing about a bi weekly mortgage payment is that you can pay your mortgage right after you get paid (if you get paid fortnightly that is), and this is a great way to make sure you dont end up in your own financial crisis.
