Mortgage mini-glossary

Bi-weekly accelerated mortgage payments

What are bi-weekly accelerated mortgage payments? They're mortgage payments that are half the amount of regular monthly mortgage payments, that you can make every other week (26 times a year).

So if you make bi-weekly accelerated mortgage payments, you'll end up making the equivalent of one extra monthly mortgage payment per year (like 13 monthly mortgage payments a year) and you'll end up paying off your mortgage faster - like, zoom!

If you just make bi-weekly normal/non-accelerated mortgage payments, you'll just make the equivalent of 12 monthly mortgage payments a year, and you won't pay off your mortgage as fast as you would with bi-weekly accelerated mortgage payments.

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