Once fees are disclosed, go back to your mortgage calculator and see if it is worth signing up for your lenders biweekly mortgage program. If not, stick with your monthly payment schedule and pay more than minimum due on your statement.

Your coupon should have a section where you can describe what to do with additional payment. If not, write two checks and on second one, note that this additional payment goes towards principal only. Unlike, a forced biweekly mortgage plan, you can choose to stop extra payments at any time.

Lender requirements Most lenders will require that you sign up for automatic debits from your checking or saving account before you can get a biweekly mortgage payment plan. This makes it much easier for an industry that is trying to cut down on their paperwork, and it decreases rate of late payments.

A biweekly mortgage can work for you, but watch out for those fees.

Check monthly payment at all interest rate levels so you don't experience sticker shock The rate you are quoted up front and that is calculated for first couple of payments is usually a teaser rate. Get a quote for what your monthly payment will look like when you are paying lowest interest rates around, and what your monthly payments will look like when you are paying highest interest payments. You can get an adjustable rate mortgage quote from almost every lender on market.

Ask lots of questions and get lots of figures written down on paper so you won't be surprised as rates fluctuate. Also, there's usually a built in cap. The highest possible rate is quoted in contract and can still end up being lower than market index.