Biweekly Mortgages
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Buying or Selling a Home?
A true biweekly mortgage has a biweekly payment equal to one-half a regular monthly payment for that term. This reduced payment is then made biweekly. Essentially, you are making the equivalent of a 13th monthly payment each year.
Making biweekly payments this way will save you an impressive amount of money in interest. You will build equity faster. You'll pay off your loan sooner – usually around 23 years on a 30 year mortgage. It also makes mortgage payments easier to budget – especially if your paycheck is biweekly or weekly.
The chart below illustrates typical savings on a $100,000 mortgage by comparing monthly payments and biweekly payments.
| Monthly Payment | Biweekly Payment | |
|---|---|---|
| Principal Balance | $100,000 | $100,000 |
| Annual Percentage Rate* | 7.25% | 7.25% |
| Principal plus Interest Payments | $682.18 | $341.09 |
| Terms in Years | 30 | 23.4 |
| Total Interest | $145,580.04 | $107,443.93 |
| Interest Savings | $0 | $38,136.11 |
* This rate is for illustration purposes. Current rates may vary.
People most likely to consider a Biweekly Mortgage are people interested in paying off their loan as quickly as possible. Their finances allow them to make the equivalent of an extra payment each year. The biweekly payment schedule makes it easier to manage. Another option is to get an ordinary Fixed-Rate Mortgage for the precise number of years you want to pay.
DCU offers the biweekly payment option on fixed rate conventional and jumbo mortgages. Biweekly mortgages have fixed rates based on 15, 20, and 30 year terms, though you can get any term up to 30 years. Jumbo Biweeklies are also available. Automatic payment by transfer from your DCU savings or checking account is required.
When you choose DCU servicing for your mortgage, you'll only deal with us for the life of your loan. We'll handle all your payments, escrow, and questions. You'll have access to your mortgage account through PC Branch, Easy Touch Telephone Teller, and DCU ATMs for getting information and making electronic payments.
Most important, you'll never have to worry about late or missing payments if your mortgage is sold.
Get Preapproved – Find out how much mortgage you can get before you shop for your home. Get it online for any program. Get it by phone for a 30-year Fixed-Rate Mortgage. Just call 508.263.6700 or 800.328.8797 and select 3.
Apply online – Apply for a mortgage in all 50 states.
Apply by phone – Call 508.263.6700 or 800.328.8797 (select 3) anytime Monday – Friday 8:00 a.m. to 8:00 p.m. or Saturday 9:00 a.m. – 3:00 p.m., Eastern Time. A representative will guide you through the entire application process. Once you close your loan, your loan will be serviced by DCU for as long as you have it. You don't need to deal with the hassles that occur when your mortgage is sold over and over.
Apply at any DCU branch – For the branch nearest you, visit our DCU Branch Location page.
Our up-to-date Mortgage rates are available on our web site, at any DCU branch, or by calling the Information Center.
Ease your loan payments, protect your family, and safeguard your credit rating. Payment Protection offered by Digital Federal Credit Union helps relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn. To learn more about how Payment Protection works, select here.
DCU Insurance offers insurance with the personal service you deserve. So whether you have Homeowners Insurance or need it, DCU Insurance could be the right choice for you.
Remember that any insurance required as a condition of the extension of credit by the credit union need not be purchased from DCU Insurance but may, without effecting the approval of the application for credit, be purchased from an agent or insurance company of the member's choice. Insurance products are not deposits of Digital Federal Credit Union (DCU) and are not protected by the NCUA. They are not an obligation of or guaranteed by the credit union and may be subject to risk. Insurance is offered by DCU Financial Insurance Services, LLC, an affiliate of DCU. Business conducted with DCU Insurance is separate and distinct from any business conducted with the credit union. Any questions or concerns regarding this relationship may be addressed to the Office of Consumer Affairs.
DCU Realty is a full-service real estate agency serving home buyers and sellers in Massachusetts and New Hampshire. Our team of certified buyer agents can show you any home on the market - with no out of pocket cost to you. Put a licensed DCU Realty professional on your side before you start your home buying process so you can get the best home on the market at the best price.
Need to sell your home? DCU Realty has several plans to help you get full market value in the least amount of time.
Moving anywhere in the U.S.? DCU Realty's FREE Relocation Service will interview and refer a reputable real estate agent and other service providers to you - at no cost to you.
For more information on any of these great new services, give us a call at (888) 832-8929 or visit www.dcuhomes.com.
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Digital Federal Credit Union
220 Donald Lynch Boulevard PO Box 9130 Marlborough, MA 01752-9130 508.263.6700 • 800.328.8797 |
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© 2008. Digital Federal Credit Union