Customers can set up a biweekly schedule prior to closing or enroll
in the Equity Accelerator Program, which allows customers to pay
half of their mortgage payments every two weeks by electronic
Cost: $295 upfront, plus $5 per month service fee. The
pay-as-you-go version is $9 per month.
Wells Fargo Home Mortgage:
Will allow customers to make a payment every two weeks
without enrolling in a biweekly program. Customers must specify
that the payment is to go toward the mortgage. Also offers Home
Equity Enhancement Program to automatically draft half of the
mortgage payment every two weeks.
Cost: $295, plus $2.50 per transaction. The pay-as-you-go
version is $4.15 per transaction.
Chase Manhattan Mortgage
Corporation: Allows customers to send a half-payment every
two weeks, but each homeowner "really needs to talk to their
service agent," says Greg Harrington, senior vice president,
mortgage operation. Chase also offers Equity Accelerator, which
automatically drafts half a payment every two weeks.
Cost: $295 up front, plus $2.50 per transaction. Pay-as-you-go
program is $9 per month.
Bank of America Mortgage:
The only way to make biweekly payments is to set up a biweekly
loan initially or to enroll in the Bank of America Accelerator
Program, which drafts half of the mortgage payment every two weeks.
Cost: $379 up front. Pay-as-you-go version is $3.75 per
Industries: Customers may send a half-payment every two
weeks, but with most loans one full payment must be received by
the 15th of the month. Countrywide offers Pay Plan 26, which will
draft half of the mortgage payment automatically every two weeks.
Cost: $2 per transaction.