Can banks offer biweekly mortgages?
Yes, banks can offer a true biweekly mortgage, but the cost of originating a new biweekly loan can often be many times higher than simply enrolling in the Mortgage Payoff Acceleration Program. The second issue is the banks. You may have a hard time finding a bank or lender that offers a biweekly mortgage program. The reason is simple. The money you save . . . your bank or lender loses! Also if a bank does offer a true bi-weekly program then it is harder for them to sell your loan on the second market, which is what they are in business to do. Plus, the bank will not supply you with a detailed annual mortgage audit upon request like Boyd Enterprises Loan and Mortgage Reduction Company will help you obtain to protect you from lender overcharges!
