When you enroll in a biweekly service, you authorize a company to debit an account of your choice every other week for half your monthly mortgage payment.

If you'll look at the calendar on the right, let's imagine that you sign up Friday, January 4th. You have told us that your monthly payment is due the 1st day of the month and that your monthly payment is $1000.

During enrollment, our system will calculate several start dates for you. We will also let you choose the day of the week you wish to have your account debited. Let's assume that you want to be debited on Wednesdays and you want to start as soon as possible. So, from the possible date choices, you pick January 9th.

We will electronically debit $500 from your checking account on the 9th and every other Wednesday from that point on. To see this, click the "Show Debit Dates" button.

You'll notice that for the next 4 months, you're debited twice every month. However, in May, you're account is debited 3 times. So, for your June payment, we will forward $1500 to your lender. This extra $500 is applied toward your principal.

The same thing happens in October!

By using our mortgage savings program, you will be making the equivalent of 13 monthly payments. Every 6 months, a half-payment will be credited to principal only. At first, this doesn't seem like much, but the graphic at left illustrates the average savings of a 30 year mortgage... interest is reduced and the time to pay off the loan is lowered to just under 22 years.

If you're interested to see exactly what your savings can be, click here to visit our biweekly savings calculator.