3. Make Biweekly Payments
The biweekly payments system is meant to shorten your loan’s amortization schedule. So instead of making 12 full payments a year, you make a half-sized payment every two weeks, which adds up to 13 payments a year, according to the publication The Mortgage Reports. With that extra mortgage payment, the principal balance of the loan gets reduced, which shortens the payoff period.
Some banks can set up this payoff plan for you, but you should probably do it on your own. That way, you won’t be locked into a biweekly payment contract with the bank if you change your mind.
