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jennascredit

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changing my mortgage payments to bi-weekly payment
Will changing my new mortgage from monthly to bi-weekly payments help or hurt my credit score? Is it better to do bi-weekly payments? What are the negatives of bi-weekly mortgage payments?

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No change

Credit score uses as a large % the on time payment history. Bi-weekly should have minimal or no effect. Most financial institutions report monthly to the credit agencies.

Negatives: the fee that is often charged.

Positive: You are out of debt sooner (up to 7 years depending on mortgage term and interest rate). You will also save on interest.

If you get paid bi-weekly, a bi-weekly mortgage is great and helps with budgeting, I think.

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