BIWEEKLY PAYMENTS GUIDE

What are biweekly mortgage payments?

Biweekly payments are a special payment program option that allows you to pay your principal balance down at an

accelerated speed by making half of the contractual payment every 2 weeks. For this option, the first half of the payment is

held in your loan’s suspense account until the second half is received (see the “why do I need to be paid ahead” section on the

next page for additional information). A similar benefit of paying the principal balance down faster can also be achieved by

enrolling in recurring monthly payments instead, and simply adding an additional principal amount to the draft selection.

Bi-weekly drafts will occur every 14 days, beginning on the start date. Each draft will be in the amount of half yourmonthly

payment (plus any additional principal, which is optional). Twice a year, there will be three drafts that occur in one month,

payments to begin drafting on the second Friday of April, April 14th in this example, the enrollment would need to be

completed no later than April 10th.

Ex. If the second Friday of April has already passed before the enrollment, the May installment would need to be paid

as well. The enrollment can then be set up to begin on the first or second Friday of May, to draft for June.

See other side

The purpose of this guide is to provide support and clarity on the process for biweekly enrollment.

Why do I need to be paid ahead?

When enrolled in bi-weekly, funds are held in your loan’s suspense account until the full contractual amount is received to

satisfy a mortgage installment, at which time, the full amount will be applied to your monthly payment. To ensure late charges

How do I enroll in Bi-weekly Drafting?

Connect with our Customer Experience Team! We’re here to help you get started and can be reached at Customer Service

Toll-Free 1-855-979-1084 M-F 8:30 a.m. - 7:00 p.m., ET

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