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The biweekly mortgage market is a subset of the mortgage industry that offers borrowers the option to make payments on their mortgage every two weeks instead of once a month. This type of mortgage is designed to help borrowers pay off their loan faster and save money on interest payments. The biweekly mortgage market is a relatively new concept, but it has become increasingly popular in recent years.
Biweekly mortgages are structured differently than traditional mortgages. Instead of making one payment per month, borrowers make two payments every two weeks. This results in 26 payments per year, which is the equivalent of 13 monthly payments. This allows borrowers to pay off their loan faster and save money on interest payments.
Some of the companies in the biweekly mortgage market include Quicken Loans, Bank of America, Wells Fargo, and US Bank. Show Less Read more
