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How Do I Pay Off My Mortgage Early?
Budget Easy Pay
Frequently Asked Questions
How do Budget Easy Pay (bi-weekly) payments differ from a regular payment?
With bi-weekly payments, you'll split your monthly payment into bi-weekly half-payments due on the weekday of your choosing. After we receive the second half-payment, we'll apply the full amount collected to your monthly mortgage balance due. With this plan, you'll have 26 half-payments during the year. Two of those payments will be applied toward your loan's principal, which will help you pay off your loan faster and save on interest.
What is a recurring extra payment?
A recurring extra payment is when you pay extra toward the principal on your mortgage every month. Paying extra toward your principal can be a great way to shorten the length of your loan and help you save on interest.
What is a principal-only payment?
A principal-only payment is an extra one-time payment applied directly to your mortgage loan principal amount. If you choose to make a principal-only payment, you could save on interest and pay off your mortgage early.
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This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.