Considerations
Lender Policies: Not all lenders allow bi-weekly payments. Some may require you to enroll in a specific program or use a third-party service. Be sure to check if there are any fees associated with setting up a bi-weekly payment plan.
Do-It-Yourself: If your lender doesn’t offer a bi-weekly option, you can mimic the effect by making an extra monthly payment each year or by dividing your monthly payment by 12 and adding that amount to each month’s payment. This way, you achieve the same result without needing a formal bi-weekly plan.
Third-Party Services: Some companies offer to set up bi-weekly payments for a fee. Be cautious with these services, as the fee may outweigh the benefits unless you’re unable to manage the payments on your own.