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
Architectural plan which may include blue prints of a property project. Designs must meet technological and zoning requirements. ...
The definition of reversion in real estate is the return of property or assets to their original owner after a prespecified event or occurrence. This real estate term is used primarily in ...
Legal mechanism available for a person who is over his head financially and is unable to meet his financial obligations. ...
The lessee becomes a lessor by subletting the property to a third party. Typically, the sandwich leaseholder does not own or use the property. ...
Potential customer or client in which there is a realistic chance of making the sale for the product or service. An example is a prospective purchaser of real estate that the real estate ...
Situation in which a person guilty of breaking a contract is required by the judge to fulfill his duties. Specific performance is required only if the item or subject of the contract is ...
Giving of a promise or guarantee to the receiver to instill confidence. ...
Document stating one has an ownership interest but not direct control in an asset, estate, or business. While one shares in the benefits of ownership including profits, the direct control ...
Deed of trust or mortgage in real estate in which the lender subordinates her loan to another lender whose priority is first if there is nonpayment by the borrower. ...
Have a question or comment?
We're here to help.