Did you know you get to decide how often you want to make your mortgage payment?
Your lender will determine how much your mortgage payment is and you can decide whether you want to make payments monthly, semi-monthly, bi-weekly or accelerated bi-weekly.
Watch this short video to learn more:
For example, here are three ways you can pay a mortgage of $2000:
Monthly payments, you'd make one payment of $2000 each month.
Semi-monthly payments, you'd pay $1,000 twice a month.
Bi-weekly payments, you'll pay $923 every two weeks.
Accelerated bi-weekly payments, you'll pay $1,000 every two weeks.
The total amount put towards paying off your mortgage is the same, except with accelerated bi-weekly payments; you’ll make two additional payments a year, usually in May and October.
When determining the right payment frequency for your mortgage payments, you may want to ask yourself:
Are you on a strict budget?
Does your income fluctuate?
Do you want to pay down your mortgage faster?
Let's chat more about which strategy to see what works best for you.
Schedule an appointment with me or give me a call at 647-910-6100.