OK, we have an 80/20, 30-year fixed loans. I've heard about the biweekly payment schedule in the past but have never done it.

I’ve heard it’ll save you quite a bit of money and I’m wondering if you all do it? Do you sign up thru your mortgage company or do you send in payments yourself?

Right now I send in my monthly payments online from my bank’s website! I could easily setup bi-weekly payments and I’m just looking for suggestions.

My bill is due the 1st of the month, but it’s not late till after the 15th… do you make sure you have both payments in by the 15th or the 1st??? (does that even make sense?)

Any suggestions???

I pay my mortgage every other Friday. It's basically the same monthly amount, but split in two. The added savings comes when you have a month that has 5 Fridays, so you are making an extra payment. That happens 2 or 3 times a year.

I would highly recommend looking into it. When we changed from monthly to every other week, it cut the term down by 6 years!!!

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We signed up for this about a year ago and love it, so far. The payments come directly out of our bank account on my pay day. I would contact your mortgage company and ask them if they provide this service.

I have been doing it biweekly for almost 7 years now. It works out great for me. I had to sign up with my bank for it. A friend of mine tried to get set up to do it and her bank charged her a fee every month, so it wasn't worth it. You can just mail it in twice a month, but she isn't that financially suave. lol

It depends on each bank on how each payment is processed. When I first signed up for it, my payment was due on the 25th, they would hold both payments until the 25th and them pay the bill, but now (I'm pretty sure) they apply each payment to the mortgage as it is paid.

I'm glad to hear this because I had read something about it awhile back and couldn't remember the exact details of why it was a good thing. But we just started it ourselves awhile back.

We started this when we still lived in our old house. It's supposed to shave years off the length of your mortgage, and we found it to be true when we sold the old house! We have our biweekly payments automatically deducted from our checking account thru the bank.

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I do not, but looked into it. My mortgage company sent a letter like it was a great thing but they were going to charge a set up fee. Like a previous poster said you basically pay an extra month a year with those months that have 3 pay days so it is equal if you just pay extra towards your principal each month (or enough over the year that equals another month's payment).

Wow, thanks for the quick replies - you guys are good!

I remember my mortgage company sending me something about it a while back too, and I thought they had a fee too! Plus I have 2 mortgages so I was kinda hoping I could do it myself instead of going thru them!

I do use my online banking for paying it, so is there anyway to do this myself? My pmts are due the 1st but of course the first is not the same day every month... but if I start paying half the amount every other friday I should get my full payment in by at least the 15th, right? If it's in after that you have to pay more...

OK, I've confused myself... do you guys know what I mean? I guess I could just call the mortgage companies...

Do you guys know if any place does just strictly 2 payments a month? I want to switch, but every 2 weeks will not work for us since dh gets paid on the 1st and 15th, not every 2 weeks!

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I also do this. Mine is through my mortgage company. And
they even let me pick what days it would come out. So it was
more convient. I like it because it comes out and I don't have to
worry about sending a pmt off. Not to mention the big savings
I think it said it would shave a 6 to 7 years off our mortgage pmt.
Hope this helps.