I know that rather than having a payment due at 1 point in the month it comes out of a checking account bi-weekly automatically.
I know a lot of mortgage companies will offer a bi-weekly payment option after you've recieved the mortgage - usuaually involving a setup fee and the like.
Perhaps this is a more formalized thing of that, where you're signed up at closing? I don't know how a program like that would directly affect interest rates, though. I know additional payments go toward principle, and thereby will shorten the loan.
When I bought the billerica house, my interest rate was 6.875. At least you're not up there yet!
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timeasmymeasure
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Date: 2004-05-07 09:29 am (UTC)I know a lot of mortgage companies will offer a bi-weekly payment option after you've recieved the mortgage - usuaually involving a setup fee and the like.
Perhaps this is a more formalized thing of that, where you're signed up at closing? I don't know how a program like that would directly affect interest rates, though. I know additional payments go toward principle, and thereby will shorten the loan.
When I bought the billerica house, my interest rate was 6.875. At least you're not up there yet!