Solicitations for biweekly payment plans have become common as borrowers look to counter the recent “foreclosure” buzz by taking a shot at paying off their homes faster. Instead of the standard one-payment-per-month schedule, some companies specializing in accelerated payoff programs solicit mortgage brokers with a custom option for their loan customers. Simply put, in a do-it-yourself fashion, any additional money added to the monthly payment almost always goes to the principal automatically. If you are aiming at reducing your loan term, consider a 15-year fixed-rate loan because it usually comes with a 0.35-0.4 of a percentage point discount from the 30-year fixed. Home Buying For Dummies, 3rd edition

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