An illustration to show what we mean - Suppose you were to go in for a mortgage of $150,000 for a term of 360 months at an interest rate of 6%, your monthly payment would work out to $899.93 and your total interest through out tenure of loan would work out to $173,757. Now consider same mortgage taken on a bi-weekly payment plan. Your bi-weekly payments would be of $449.67 while your total interest for entire tenure would work out to only $135,294 + you end up completing loan in 24 years instead of 30. Huge difference!

The savings from such a payment plan are huge and are worth considering if you can afford to make payments every two weeks. At least, keep it as an option!

Your credit score and credit report is formed on basis of your credit history and you need to have at least one account which has been open or updated in past six months to get a credit score. If you do not meet minimum criteria for getting a score, you may need to establish a credit history prior to applying for a mortgage.

All in all, if you can pay for all your debts in a timely and consistent manner and not take more debt than you can handle, your credit score shouldn’t be able to trouble you in life. So take care and be wise with your finances.