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Biweekly Payments
Many homeowners prioritize paying off their mortgage quickly. Making biweekly mortgage payments is one way to reduce interest costs and shorten the loan term.
What Are Biweekly Mortgage Payments?
Biweekly mortgage payments involve splitting your regular monthly mortgage payment in half and paying that amount every two weeks. Since there are 52 weeks in a year, this results in 26 half-payments—or the equivalent of 13 full monthly payments—instead of the standard 12. These two extra half-payments per year go directly toward reducing your loan principal, helping you pay off your mortgage sooner and saving on interest.
Benefits of Biweekly Payments
Enrolling in a biweekly payment program offers several advantages:
- Faster Loan Payoff: You’ll pay off your mortgage ahead of schedule, freeing up money for other financial goals.
- Lower Interest Costs: Since the extra annual payment goes directly toward reducing your principal, you’ll accrue less interest over time.
- Better Budgeting: If you receive a paycheck every two weeks, aligning your mortgage payments with your pay schedule can help with cash flow management.
- Convenience: Our automated biweekly payment plan ensures that payments are made on time, helping you stay on track without any extra effort.
How to Enroll in the Biweekly Payment Program
Signing up for our biweekly mortgage payment plan is simple and hassle-free:
- Make sure your account is paid ahead. Once the biweekly payment begins, the first two installments must be drafted prior to the monthly payment due date.
Example: To enroll in biweekly payments during the month of June, first pay the June payment in full. Then, ensure there is sufficient time for two half-payments to be drafted prior to June 30th to complete the payment. - Enroll in Autopay: Click here to log in to your account and enroll in Autopay. Select “Biweekly” in the Draft Frequency dropdown. If the Biweekly option doesn’t appear, you may need to make a payment, so your account is paid ahead.
Please Note: If your account is paid ahead, or you are unsure if making a payment is the reason the Biweekly option doesn’t appear, please contact our Customer Service Department to complete a review of your account. - Enjoy the Savings: Once enrolled, payments are automatically deducted, helping you stay on track toward financial freedom.