Definitions for "Biweekly payment mortgage"
A payment schedule in which the borrower repays the mortgage in 2 week intervals rather than standard monthly intervals. Payments are calculated based on exactly one half of what the normal monthly payment would be for a 30 year fixed-rate mortgage. In this case, the borrower would pay 26-27 biweekly payments as opposed to 12 monthly (or 24 half-monthly) payments, therefore reducing the balance faster and saving significantly on interest.
A mortgage that requires payments to be made every two weeks (instead of monthly).
A mortgage with payments due every two weeks (instead of monthly).