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Resources > Glossary > Biweekly Payment Mortgage

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Biweekly Payment Mortgage

Function: noun

Definition 1:
A mortgage that requires payments to reduce the debt every two weeks instead of the standard monthly payment schedule is a biweekly payment mortgage. 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 borrower can save a substantial amount of interest as a result of this type of mortgage.

Thesaurus / Related Terms
Debt to Income Ratio