bi weekly mortgage

**geckoace** · 06-13-2007, 01:10 PM

we are considering setting up our mortgage to pay bi-weekly, there is no fee involved. My DH is hesistant because we end up paying the extra payment (which i think is a good thing) but i feel like only having to pay a half a mortgage payment per pay will free up our cash flow so we are not starving one week waiting for pay and trying to stretch money throughout the month.

i wondered if you guys had any pros or cons

**tervsforme** · 06-13-2007, 01:13 PM

I set this up a couple of months ago and I love it!! It definitely helps with the cash flow! The extra payment that is made 2 times a year all goes towards principal and I believe just making those extra couple of payments it cuts off like 5 years off of your mortgage. I would definitely recommend it.

**Grayce** · 06-19-2007, 06:39 PM

Paying biweekly reduced our mortgage from 15 years to 12.

**Jenna** · 06-20-2007, 01:35 AM

I've never had a mortgage, but I know paying bi-weekly is a very good idea.

I utilized this method to pay off the c/c's when I was in debt paydown mode.

**bumplett** · 06-20-2007, 01:48 AM

we pay bi-weekly also - we also round up the payment.

good luck, I think you'll be happy with the choice, and if not- you can always change it back -

**pammy** · 06-25-2007, 09:10 AM

I just did this with mine, as well. We get paid bi-weekly and it just made everything so much simpler.

**Sahmamma** · 06-25-2007, 11:30 AM

when you set this up do they take it directly from your bank account?

**tervsforme** · 06-25-2007, 11:35 AM

Originally Posted by Sahmamma

when you set this up do they take it directly from your bank account?

Yep! I get paid bi-weekly and have it set up to come out the day I get paid. I have automatic deposit of my paycheck at work so it works out great for me!