Bi-weekly co-op mortgage?

Wells- Fargo does. We just refinanced with them.

Citi should do this for you also. Heaven knows they send me enough junk mail about it.

ali r.
DG Neary Realty

Do either of those banks actually credit the payment immediately - or do they wait till the end of the month?

I just found the thread on brownstoner http://www.brownstoner.com/forum/archives/2009/01/biweekly_mortga.php and no one there seems to have found a bank that does that.

I just read up a little on this. Are you aware of the accounting trick that's being used to save you "wads"? You're signing up for a 24-year loan instead of a 30-year loan. If you want to save even more wads, sign up for a 15-year loan.

Make sure you don't end up paying any extra fees for the option (you could always pay an extra month a year on a regular 30-year mortgage for the same effect), an understand that you should really be getting a lower interest rate (by 0.2% or so?) for agreeing to a 24-year mortgage.

"I'm looking for the kind where you make payments half as big, every two weeks or twice a month."

BTW, I hope you understand that pretty much the entire difference in what you're expecting is in the difference between "ever two weeks" and "twice a month".

You fking financial dildiots (dildo idiots!), the way I save on interest expense is to immediately pay it all off as soon as the bank funds it! Now thatz howz youz savez, w67 style. Now go get me a beer

why not get an interest only mortgage and pay it off at your own pace... discipline

Because interest-only mortgages have interest rates that are higher than than on mortgages which amortize over time.