Mortgage ArticlesNew York Mortgage PaymentsMortgage Secrets for Investors Mortgage Secrets for Real Estate Investors e-book. Stop getting bullied by the banks and start closing your investor loans. There are many mortgage payment options available for people in New York. They can choose to pay their mortgages, on a biweekly, bimonthly, or regular monthly payments. Regular monthly payments are the usual, equated monthly installments that, borrowers have to pay toward mortgages. These payments are calculated on the basis of the term of the mortgage, amount of the mortgage and the rate of interest applied towards it. This means that over a thirty-year term, borrowers will have to make 360 monthly payments. Bi-weekly payments allow the borrowers to make these payments in two parts, twice in a month. This means that instead of paying the full amount once a month, the borrowers pay half of their scheduled monthly mortgage payment after every two weeks. The main advantage of this option is that borrowers repay an amount equal to thirteen monthly payments by the end of the year, instead of the usual twelve. By doing this, the borrower, opting for this method of payment, will pay off their mortgages faster and will save a lot of money on interest. However, many lenders who offer this bi-weekly option may actually only be providing a pseudo bi-weekly program. In this type of program, lenders collect the half of the monthly installment every two weeks, but apply the amount collectively only once a month. At the end of the year, there is an excess amount equal to one month's payment in the borrowers' account. The lender then applies this amount as a double payment for that month. This does not result in faster repayment or any saving for the borrowers. The only advantage it offers the borrowers is the convenience of paying a smaller amount twice a month. Borrowers must compare all the payment plans before choosing one that is most suitable for them.
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