Mortgage brokers, mortgage agents, and mortgage lending

There is a benefit to a bi-weekly mortgage if it is done properly. Furthermore, you must do it yourself. You can send in payments and request that the lender apply each payment immediately to your principal not once they receive the second payment. Verify that there is no prepayment penalty on your loan. All loans are not set up so there is no prepayment penalty. I remember being at a closing and the buyer of the home had all kinds of penalties on his loan, including prepayment. I cannot stress enough to verify there are no prepayment penalties. If there is, this will not benefit you.

I recommend you make sure you are doing a bi-weekly mortgage versus bi-monthly. Bi-weekly means every two weeks, you pay a half of your mortgage. When it is bi-monthly that is only twice a month you pay on your mortgage. Make sure the extra payments are being applied towards the principal.