The biweekly mortgage plan is an excellent way to pay more of your mortgage debt off in the matter of a year compared to the normal monthly payments. However, if you already are paying for a mortgage loan on a monthly rate, some sketchy lenders will offer you the option to change your loan to biweekly mortgage or another payment schedule stating that it will save you money on your payments. But, the catch to this is that they charge you a fee, and that is definitely a scam.
Most mortgages will allow you to make additional payments of the principal at any time during the life of the mortgage, and this is without having to pay a fee for paying on a different schedule than the monthly payment. Make sure that you do your research to make sure you don’t get stuck with a lender that is going to try and take your money from you by offering you “better savings” for an initial fee. Find out more information at Charlotte Home Mortgage about mortgage loans and advice.
