How do I go about paying my mortgage bi weekly if the lender does not offer it? ?

Question

Does this payment method increase my credit rating?

Answer 1

Paying bi-weekly is not going to make any difference for your credit rating.

As long as you do not have a prepayment penalty, you can simply pay extra monthly towards principal to end your loan earlier and save money on interest.  But unless you have something like a HELOC that figures interest daily, it may not help to pay it more often before each due date.

You might find a checking account that pays you a bit more interest on your money accumulated during the month until the payment date, like Fidelity's mySmart Cash Account http://personal.fidelity.com/accounts/ao...

Answer 2

You can always specify that you want to pay down the interest before the principal and do that in a back door way to a by weekly pay off.

No, it does nothing for your credit.

Answer 3

.    Just make one "double" payment every 12 months. Be sure that the extra money goes to principal.  Often they don't read what you write and they just pay the following month's mortgage.  So you are now paying in advance. You don't want that.

THis does not increase your credit rating.

Answer 4

try through your banks on-line bill pay. if its a simple interest formula it will help you save interest but it will not increase your credit rating

Answer 5

You can't mike bi-weekly payments if your lender doesn't offer it, but you can refinance with a different lender that does.  This type of payment plan does not affect your credit rating, but it does payoff your mortgage early.  You can accomplish the same thing without refinancing by making 1 extra mortgage payment per year - this can be done all at once with an extra payment, or you can do it over the course of the entire year by adding $100 extra dollars with each monthly payment you make.

Answer 6

Well in the long run it may help your credit rating because you will be paying off your loan early. As for them "accepting" it I would just send them a check every two weeks. I mean what is the worst that can happen? If they call you just tell them you are making an early payment. It's not like they are going to return your check to you. Good for you, pay it off early.