This is a big myth. You won’t be saving money with bi-weekly payments but it’s just a convenience thing. On the other hand, accelerated monthly payments are both convenient and help you save money. It means the lender divides your monthly payment into two and charges you every two weeks. They reduce the amortization period, lower interest rates in the long run, and help pay back the principal amount faster. If you have any more questions, Kingston’s most well-known mortgage broker, Leo Ragusa, would be happy to answer them.