Definition of Biweekly Mortgage Payment:
Biweekly Mortgage Payment in Orange County:
This is a Orange County mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making 12 monthly payments during the year, you make 13. The extra payment reduces the principal balance, substantially reducing the time it takes to pay off a 15 or 30 year mortgage.
Note: there are independent Orange County mortgage companies that encourages a person to set up bi-weekly payment schedules with them on your 15 or 30 year mortgage. They will charge a set-up fee and a transfer fee for every payment. The funds are deposited into a trust account from which their monthly payment are then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce their principle. BanCorp Real Estate Group highly recommends not using this method; you could save money by simply doing this yourself.