WOODBRIDGE – The Provident Bank is now offering a special rate on a 20-year bi-weekly, fixed rate mortgage. Instead of making a large payment every month, homeowners can make half payments every two weeks. This bi-weekly mortgage is paid off in 16-17 years instead of 20 years, saving homeowners thousands of dollars in interest.
“Now is a great time to refinance,” said David Boone, first vice president of residential lending for The Provident Bank. “With a bi-weekly mortgage loan, homeowners can accelerate their loan payoff and save significantly in interest.”
Boone said bi-weekly mortgage loans present an ideal opportunity for current homeowners looking to refinance. It can reduce the loan’s principal, cut down interest payments, and help save over the term of a current arrangement.
“Homeowners can build additional equity faster than a standard mortgage because they make the equivalent of one extra monthly payment per year,” said Boone.
With a bi-weekly mortgage, homeowners will make 26 half-payments instead of 12 full-payments per year. Because of this cost structure, Boone recommends that homeowners plan and budget carefully.
“It’s important to establish a payment structure that is feasible, and we work with our customers to help determine what’s best,” said Boone. He added, “Our bi-weekly mortgage loan is another way can help new and existing qualified customers refinance, and pay off their mortgage faster. At Provident, we approve all our loans locally, so customers get quicker responses and loans are processed sooner than those from nationwide banks.”
For more information about Provident’s residential lending products and services or Federal Housing Administration (FHA) programs, contact The Provident Bank at 888-534-8979 ext. 5450 or visit www.ProvidentNJ.com.
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