Mortgage Payment Options: How Accelerated Payments Save You Money

When approved for a mortgage, you can choose your payment frequency. Options include monthly, semi-monthly, bi-weekly, accelerated bi-weekly, weekly, and accelerated weekly payments. Accelerated payments allow you to pay off your mortgage faster and save on interest. For example, accelerated bi-weekly payments result in one extra monthly payment per year, reducing the principal quicker. It's advisable to align payment schedules with your pay dates for better budgeting. Always check with your lender for available options.