A bi-weekly mortgage is a type of loan that requires the borrower to make payments on a bi-weekly basis, instead of the traditional monthly payments. The payments are usually for a half of the amount of a monthly payment, and are made every two weeks. This type of loan can result in significant savings for the borrower, as the payments are applied more frequently, allowing the loan to be paid off more quickly and at a lower interest rate. Additionally, some lenders offer a discount for borrowers who choose to make bi-weekly payments, as it reduces the amount of paperwork associated with the loan. Ultimately, bi-weekly mortgages are a great option for borrowers who want to pay off their loan faster and save money in the process.
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Daniel H. Weberman, The Kabinet Founder
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