A biweekly mortgage is a specific mortgage type, where the payments happen once every fortnight, or two weeks, instead of following the monthly system. There are several types available including accelerated biweekly mortgages. Most biweekly plans come from third parties in loan agreements, who have fees charged for such services. The payment plan will lower the tenure of the loan and overall interest outgo. However, the same purpose is served by paying one extra loan payment annually.
A biweekly mortgage is one where payments are made once every two weeks. These plans go a long way towards lowering the overall interest outgo on mortgages, along with the tenure of the loan as well. They are sometimes chosen by borrowers for this reason.
Some lenders may offer biweekly mortgage plans to borrowers for their home loans. However, this is a rare scenario, since most home loans come with monthly repayment plans.
