biweekly mortgage

Definition of "biweekly mortgage"
  1. A type of home loan agreement where the borrower pays half the monthly mortgage amount every two weeks, leading to 26 payments per year, hence, effectively making one additional monthly payment annually which helps in reducing the principal amount owed faster and shortening the loan period
How to use "biweekly mortgage" in a sentence
  1. The biweekly mortgage plan helped him pay off his 30-year loan in considerably less time.
  2. Choosing a biweekly mortgage can lead to substantial savings in long-term interest.
  3. Under a biweekly mortgage plan, she made an extra payment each year, reducing her loan amount faster.

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