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By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
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Calculate Your Bi-Weekly Mortgage Refinance Savings and Connect with Top Lenders

Use the FREEandCLEAR Bi-Weekly Mortgage Refinance Calculator to determine how much money you can save and time to break-even when you refinance your existing bi-weekly mortgage.  When you submit your information we connect you with up to four leading lenders so that you can compare multiple proposals to find the mortgage that is right for you.  We also offer a version of this calculator that does not require personal information

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When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
 
By clicking "CALCULATE" you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
Outputs
Bi-weekly mortgage payment based on new mortgage terms
 
Total interest expense you will pay over the life of your new mortgage based on the terms of your refinancing
 
Depending on your existing mortgage balance, the amount of your new mortgage and the amount of closing costs, you may be able to keep some of the proceeds when you refinance your mortgage. The value of your property and LTV ratio will also determine your ability to take cash out when you refinance. In some cases, you may also be required to contribute money to cover closing costs
 
Savings from Refinancing
 
The amount of money you save (or additional interest expense you incur) per payment period by refinancing
 
The amount of time it will take you to recover the non-recurring closing costs required to refinance your mortgage based on your savings per payment period
 
 
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Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
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Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
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Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
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Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
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Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
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Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
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Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
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Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
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Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
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Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
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FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
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VA funding Fee (If any)
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Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

What You Should Know About Refinancing a Bi-Weekly Mortgage

1

Reasons to Refinance a Bi-Weekly Mortgage

The most common reason to refinance a bi-weekly mortgage is to reduce your interest rate and lower your bi-weekly mortgage payment.  In general, your new interest rate should be at least .750% lower than your current rate when you refinance.  Reducing your interest rate by at least .750% should enable you to recover your closing costs within two and a half years of refinancing.  You recover your closing costs a little with every bi-weekly mortgage payment you make because your new payment is lower than your old payment.  You may also choose a "no-cost" refinance; however, this type of mortgage may cost you more in the long run because it requires you to pay a higher interest rate.  When evaluating if you should refinance your bi-weekly mortgage, borrowers should consider the mortgage rate, bi-weekly payment savings, closing costs and total interest expense over the life of the mortgage.

2

Bi-Weekly Mortgages Are Hard to Find in the U.S.

True bi-weekly mortgages are not available in the U.S. as U.S. lenders do not accept bi-weekly payments due to system limitations and because make more money with a standard monthly mortgage.  Borrowers who want to refinance into a bi-weekly mortgage should contact lenders to determine if they can set-up a bi-weekly payment schedule for their new loan.  While most U.S. lenders do no accept bi-weekly payments some lenders market bi-weekly mortgage programs.  Usually the lender does not actually set-up a true bi-weekly program for borrowers and instead applies one extra monthly payment per year.  Applying an extra payment per year does reduce your mortgage balance but not at the same rate as a true bi-weekly mortgage.  Bi-weekly mortgages are far more common in Canada, Australia and parts of Europe.

3

Be Alert for Bi-Weekly Mortgage Scams

Some companies and lenders advertise bi-weekly mortgage refinance programs that claim to save borrowers thousands of dollars.  These companies charge borrowers upfront and monthly fees to change their monthly mortgage into a bi-weekly mortgage and collect bi-weekly mortgage payments from the borrowers.  In most cases these companies do not make true bi-weekly payments for borrowers, because lenders do not accept them, and instead make a single extra monthly payment per year.  Borrowers do not need to pay a company or lender to make an extra payment on their behalf -- borrowers can make an extra payment to the lender on their own for free.  Borrowers should be aware of bi-weekly mortgage scams as these companies usually provide minimal value.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

Bi-Weekly Mortgage Overview

Review our in-depth overview of a bi-weekly mortgage including how it reduces your mortgage term and saves you money compared to a regular 30 year mortgage with a monthly payment

Mortgage Calculators

Bi-Weekly Mortgage Calculator

Use our Bi-Weekly Mortgage Calculator to determine your bi-weekly payment, total interest expense over the life of the loan and pay-off date for a bi-weekly mortgage based on loan amount and interest rate

Programs

Reasons to Refinance Your Mortgage

Review the top reasons to refinance your mortgage including to lower your mortgage rate, shorten your mortgage length or change your mortgage program

Resources

Refinance Mortgage Rates

Compare mortgage refinance rates and fees from top lenders near you.  Comparing multiple lenders is the best way to find the mortgage with the lowest rate and fees when you refinance

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FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!
By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.