Mortgage Articles Mortgage Refinancing With Bi-Weekly Payments Tip! If you’re on the market for a new home loan, you have probably already realized that predatory mortgage lending is a huge problem in the industry. To get the best mortgage rate possible, you need to find a lender who is fair and just in his business practices so that your mortgage rate reflects the agreement as presented to you. If you believe that your mortgage rate or terms and conditions of your mortgage are unfair, it is probably best to stop the process and find a new lender. By understanding mortgage rate options and other aspects of your loan, you can be sure that a predatory lender doesn’t make you his or her prey. Borrowers who find it difficult to meet their repayment obligations due to financial constraints opt for refinancing their property. Refinance is also a preferable option for borrowers who want to lower down their interest rates even though they are able to make their payments comfortably. Mortgage refinancing involves replacing an existing mortgage with another one at a lower interest rate. Refinancing a property is a good option for homeowners who may have purchased property when interest rates were high. There are various repayment options that can be chosen by borrowers and lenders mutually. Bi-weekly payments are one of the most popular payment plans among borrowers. Bi-weekly payments let borrowers pay off their mortgage refinance faster. Bi-weekly payments allow borrowers to pay their monthly installments in two parts to be paid twice a month. Instead of paying full amount once a month, borrowers pay half of their scheduled monthly mortgage payment every two weeks. An advantage of this option is that borrowers repay an amount equal to thirteen monthly payments by the end of the year, instead of the usual twelve. Repayment of mortgage using this biweekly option may actually be providing a pseudo biweekly program. Lenders collect half of the monthly installment every two weeks, but calculate the amount payable collectively only once a month. At the end of the year, borrowers end up paying an excess amount equal to one month's payment to the lender. This amount is applied as a double payment for that month by the lender. This does not result in faster repayment or any saving for borrowers. Advantage offered in this case is that the borrowers need to pay a smaller amount twice a month. Mortgage refinance of a property is quite hassle free and usually a good idea to save money. However, borrowers must get appropriate assessment of the bi-weekly payment plan before opting for it to pay off their mortgage refinance loan. Mortgage Payments provides detailed information on Mortgage Payments, Calculate Mortgage Payments, Bi-Weekly Mortgage Payments, Mortgage Payment Protections and more. Mortgage Payments is affiliated with Online Mortgage Lending.