Bi-weekly (mortgage) Loan
Definition of "Bi-weekly (mortgage) loan"
Fixed interest rate loan in which the payments are made every two weeks, but the payment is one half the amount of a regular monthly fixed-rate mortgage with the same amortization schedule. It is a bi-weekly accelerated mortgage reduction payment plan which enables a borrower to payoff his or her current 30-year mortgage in approximately 20 years. These payment plans provide a sizable build-up of equity, saving the borrower a significant amount of interest. These plans do not change existing mortgages. The borrower is not reapplying or refinancing anything, so there are no points, no need for costly appraisals, and no credit restrictions. Rather than making one monthly payment, he or she makes a half payment each 14 days. This results in 26 half payments yearly, or an extra monthly payment each year.
Popular Real Estate Terms
income statement destroyed by a casualty such as a fire. This requires the reconstruction of the income statement based on source records, information, and documents. Income statement ...
Marketable title that is free of encumbrances and disputed interests. Clear title is essential in order to convey a general warranty deed in a transaction. ...
Process of simultaneously appraising several pieces of property. Normally, occurs when a local government conducts a reassessment. ...
Lienholder's statement as to the unpaid balance on a trust deed note. ...
Written document by an official granting agency and signed by an empowered official certifying that some specific act including the fulfillment of certain requirements has occurred on a ...
Opinion of a judge having no direct legal or binding effect on the outcome of a pending judicial decision. An obiter dictum is considered to be an incidental judicial remark about some ...
Loan in which two or more lenders participate in the total financing of a single mortgage. The lenders in a piggyback loan do not necessarily have equal shares. ...
Judicial order prohibiting a person or business from doing something. The court may issue this dictate when unlawful conduct or activity is occurring. ...
See annuity due. ...
Have a question or comment?
We're here to help.