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Biweekly Mortgage
A biweekly mortgage is one that requires the borrower to make payments more often than a typical mortgage might. With a biweekly mortgage, the borrower will have to make a payment every two weeks; this is different from a typical mortgage, which requires that a borrower makes a payment once per month. Many people go with a biweekly mortgage because it lines up with their payment schedule at work. Others have found that this is a good way to pay down the loan much more quickly. Though a biweekly mortgage does allow people to pay down their loans more quickly, these loans also provide more opportunities for a person to be late on the loan. This can bring about late fees and delinquency charges. A biweekly mortgage is very risky in this way. While some people feel that the benefits outweigh the negatives, others opt for a traditional mortgage instead.