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How It Works
 Instead of sending a check to your lender
each month, the
Bi-Weekly Mortgage Program will electronically debit your
checking or savings account one-half of the regular monthly payment plus $2.95
for the transfer fee every other Friday.
These
bi-weekly debits add up to 26 half payments, the equivalent of 13 full payments
over the course of the year. The
two extra debits occur approximately every six months, and are forwarded to the
lender to be applied against the principal portion of your mortgage.
This program reduces the loan balance and all future interest payments.
All funds are transferred through the
Automated Clearing House under strict regulation of the Federal Reserve,
Regulation E, and NACHA rules and regulations.
All monies are held in a trust account that is licensed and insured with
the Banking and Financial Department.
All
monies are FDIC insured during the
payment process. |
