The Credit Union offers a biweekly repayment option for new mortgage originations on Fixed Rate Mortgage loans.
Convenient Payment Schedule for Members Paid Biweekly
Many of our members are paid on a biweekly pay schedule. Our biweekly mortgage provides the ability for members to match the payment frequency of their mortgage
to their payroll frequency.
Taxes and Insurance Collected with the Biweekly Payment
Your biweekly payment includes your mortgage payment as well as a portion of your homeowners insurance and property tax. The insurance and property tax funds are
put into an escrow account that earn dividends equal to the share account rate. These funds are then used to pay your property tax and homeowners insurance when
those bills are due.
A "True" Biweekly Repayment Plan
Our Biweekly Mortgages are set up with "true" biweekly repayment plans. If you request a 30 year mortgage, the repayment schedule will be set up to allow
for 780 payments (30 years x 26 biweekly pay periods per year) over the term of the loan.
No Prepayment Penalty
Some others offer a "Biweekly Mortgage" plan as a way to pay off a loan early. In essence they divide the monthly payment in half and they collect 26
payments a year, which in effect is the same as paying one extra payment per year. And they charge a fee to set the program up.
There is no need to pay a fee to pay off a loan early.
For any SECU loan or mortgage that you want to pay off early, you can pay extra towards the principal balance of the loan. You can do this with each payment or
by submitting lump sum payments.