If you're getting a new mortgage and you're paid biweekly, consider our Biweekly Mortgage.
Since many LGFCU members are paid on a biweekly schedule, we offer Biweekly Mortgages. This repayment option is available for Fixed-Rate Mortgages.
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Our Biweekly Mortgages are set up on a true biweekly repayment plan. For example, if you request a 15-year mortgage, the repayment schedule will be set up to allow for 390 payments (That 's 15 years x 26 biweekly pay periods per year) over the term of the loan.
Don't be fooled by financial institutions who advertise saying they can help you pay off your loan early, but only if you pay them a fee. This plan is not a way to pay off your mortgage early as advertised by others. To repay a mortgage early, all you have to do is pay extra towards the principal balance of the loan. You can do this with each payment or by submitting lump sum payments when funds become available.
LGFCU helps you prepare for the expense of your property taxes and insurance, too, since these annual expenses can also create budgeting issues when they become due. With each principal and interest payment, we collect 1/26th of the sums that are due each year. These funds are placed in an escrow account where they earn dividends equal to the Share Account rate until they are needed.