A weekly payment schedule means several five-week months each year generating a larger monthly payment in those months. Weekly and biweekly payments provide borrowers with interest credit. The daily interest credit makes the new loan relatively unique. There are very few biweekly programs that offer this. Earlier interest payments mean faster amortization and that builds equity faster.
People work hard for their money.
Have mortgage payments electronically deducted every week or every other week from your checking or savings account. The Working Mortgage is only available to you if your employer pays you through direct deposit into a checking or savings account. Approximately 50 percent of U.S. employees offer the option, according to Fannie Mae. The flexible loan also allows you to change the timing of your mortgage deduction should your pay cycle change. Working Mortgage also can accommodate special payment plans for co-borrowers, say a husband and wife or other joint owners.