Zero down and low down payments options Now, many lenders including banks, credit unions and mortgage companies will work with their customers to offer low down payment deals. In addition, you can also do a zero down mortgage. In this case, entire loan amount will be financed so your monthly payments will be higher than it would have been with a down payment. Also, your home mortgage lender might charge you a slightly higher interest for taking on risk of approving a client without a down payment.

One of these methods will sure work for your so don’t hesitate to get preapproved for your home loan today.

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.