Today, I want to talk briefly about making biweekly mortgage payments instead of monthly ones. Many people want to know whether it's worth it.
The short answer is that making biweekly payments is totally worth it. Instead of paying twelve payments throughout the year, you are making 24 half payments. It doesn't seem like it would make much of a difference, but it does. Each time you pay interest on what you owe the bank, you're actually paying less interest because you're eating away at your principal more and more.
Ideally, you could convince your bank to do weekly payments so you can knock down your interest rates. The concept remains the same: pay off your mortgage as soon as possible and take advantage of the low interest rates we currently have.
If you have any questions about this topic, or if you would like real estate assistance of any kind, please don't hesitate to reach out to me. I would love to hear from you!
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