If you're getting a new mortgage and you're paid biweekly, consider our Biweekly Mortgage option.
A schedule that fits with yours
If you get paid every two weeks, like many of our members, you’ll like our biweekly mortgage repayment option for our Fixed-Rate Mortgages. It’s designed to make it easy for you to pay your mortgage, since payments are due when you get paid. 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 that advertise setting up biweekly mortgage payments to help you pay off your loan early, but only if you pay them a fee. To repay your mortgage early all you have to do is pay extra towards the principal balance of the loan, either with each payment or by submitting lump sum payments when you have a little extra money.
Dividend on Escrow Account
All LGFCU mortgages automatically include an escrow account that pays dividends, to help you pay property tax and homeowner’s insurance and make budgeting easier.
Each payment you make on your Biweekly Mortgage includes an amount that’s 1/26th of the estimated annual property tax and insurance premium. These funds are placed in the escrow account where they generate dividends at the Share Account rate.