A glossary of real estate and mortgage terms for home buyers and sellers
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| Term | Definition |
|---|---|
| Biweekly Payment Mortgage |
A mortgage that requires payments to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard 30-year fixed-rate mortgage, and they are usually drafted from the borrower's bank account. The result for the borrower is a substantial savings in interest. |
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