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January 19, 2023
A bi-weekly mortgage is one which allows for the borrower to make payments every other week rather than only once a month. This effectively results in 26 half payments (or 13 full payments) over the course of a year, thus accelerating the repayment of the loan. The extra payment made can save the borrower a significant amount of money that would have been spent on interest over the course of the loan term. However, this is not always the case. Be sure to research properly before making any financial decision.