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Interest Rates are at an all time low. With interest rates this low, now is the best time to find that home that you have been dreaming about and get into a low payment with a very low interest rate.
There are several different payment frequency options that should be looked at when you are considering a home mortgage. You can use the monthly payment option or you can use the biweekly payment option. To compare which payment frequency option is right for you, go to monthly payment vs. biweekly payment.
The biweekly mortgage payment, which is an optional payment option that you usually have to request, would require you to make (1) half payment every (2) weeks for a total of 26 payments a year. This equals out to an extra payment being made each year which usually goes directly to the principal and can cut a 30 year loan down to a little over 23 years.
Shopping around for the right home and getting the lowest possible interest rate is very important. Choosing the right home loan with a low interest rate will lower your overall monthly payment and could save you thousands of dollars in interest over the life of the home mortgage.
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