Subject: The Bi-Weekly Mortgage Program

The Bi-Weekly Mortgage Program is an accelerated mortgage program
that enables a thirty year mortgage to be paid off in as
little as twenty three years.

This program is usually set by the lender or a third party agency in
which an electronic funds transfer is made from the borrowers banking
account every two weeks in the amount of half of the monthly
mortgage amount due.

To put in more simple terms, the borrower will be paying thirteen
months worth of mortgage instead of twelve.

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The Bi-Weekly Mortgage Program is set up so that the extra principle
payments that it collects are accumulated in the escrow account
and applied to the principle at the end of the year.

It is uncertain on who is benefiting from the interest that
is accrued on these monies while they are sitting in the escrow
account.

This program is an excellent choice for someone who wants to
pay off his/her mortgage earlier than thirty years but does not
want to be hassled by trying to manage a self- implemented
accelerated program.

Basically, the payments are conveniently withdrawn every
couple of weeks so there are no late payments or confusion to the
borrower.

You may also want to consider trying to implement a bi-weekly
mortgage program on your own.

This is where the borrower implements the above plan without
formally doing so through the lender or third party agency.

Just make sure that the additional money is going toward the
principal.

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This is more flexible because you can adjust the additional amount
each month depending on your finances for that month.

Its also beneficial because you avoid the fees associated with
Bi-Weekly Mortgage Programs.

On the other hand, The Bi-Weekly Mortgage Program through a lender
or agency may be more effective in the long run because you are not
able to be tempted not to pay the additional payments because they
are automatically deducted.

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Thank you,

Max Taylor
http://taylor-marketing.blogspot.com