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This is a problem that is created by the bi-weekly program and lenders wanting a little more fee income from their borrowers. I am a mortgage professional operating in Texas and licensed in every state except New York.

DO NOT USE THEIR BI-WEEKLY PLAN! The bi-weekly payment plan basically allows you to pay down principal a little quicker and save interest calculated on the outstanding principal balance. If you do not have a pre-payment penalty on your mortgage you can send one extra principle and interst payment in a year and this will in essence have exactly the same effect on your mortgage as the bi-weekly payment plan. This way you will not have to pay any fees to your lender.
On a typical 30yr fixed rate mortgage you can shave about 10-12 years off of the term by making one extra payment a year. On your check make sure you write in the memo: FOR PRINCIPLE REDUCTION ONLY!
To see how much this effects your financial position take your monthly payment and multiply by 360(months in 30yrs.). Then compare to how much this is for 20yrs. Because one extra payment shortens your payoff date by about 10yrs on a 30yr mtg. Those are actual dollars out of your pocket.
Good luck and e-mail with any questions.
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