Maryalice Ryan
Maryalice Ryan
(908) 917-5801
maryaliceryan@comcast.net

Coldwell Banker Residential Brokerage
209 Central Avenue
Westfield, NJ 07090
Direct Line: 908-928-9121
Cell: 908-917-5801
Fax: 908-233-8780

Westfield, New Jersey Area Real-Estate


Real Estate Glossary

  Biweekly Payment Mortgage

A mortgage that requires payments to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard 30-year fixed-rate mortgage, and they are usually drafted from the borrower's bank account. The result for the borrower is a substantial savings in interest.

 

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