Making your Mortgage Payment
There are many options when choosing a type of mortgage payment. The best payment choice depends on an individual’s preference and goals.
Payment frequency and payment acceleration are the two features you need to consider. Here is some information to help determine the best mortgage payment type for you.
Mortgage payments can be made weekly, bi-weekly, semi-monthly or monthly. Your work payment schedule should be taken into consideration when choosing a payment frequency.
This will ensure that your bank account will always have 
money available when the mortgage payment comes out.
When you sign your mortgage documents you will be required to provide your bank account information so the mortgage payments will be automatically withdrawn. It is important to make your mortgage payment on time.
A weekly payment amount is determined by taking twelve months of mortgage payments and dividing them by fifty two weeks in a year. Most financial institutions will withdraw the payment each Friday.
A bi-weekly payment amount is determined by taking twelve months of mortgage payments and dividing them by twenty four.
Most financial institutions will withdraw the payment on the first or fifteenth of each month. If the first or fifteenth fall on a weekend, the payment will come out on the Friday.
A monthly payment is determined by taking twelve months of mortgage payments and dividing them by twelve.
Most financial institutions will withdraw the payment on the first of each month. If the first of the month is a weekend, the payment will come out on the Friday.
Payment frequency is not the key factor when reducing the amortization period of your mortgage. Playing down the mortgage principal is. All the talk of bi-weekly payments taking five years off your amortization period is not true.
Although you will save some interest making your payments more frequently, ultimately increasing your payments is what results in the significant amortization reduction.
An accelerated payment is how you reduce your mortgage amortization.
Instead of taking twelve months of payments and dividing them by the payment frequency, the bank takes thirteen months of mortgage payments and divides them by the payment frequency.
This will increase the payment. The extra money goes directly to paying down the mortgage principle. 
This will reduce the amortization on a mortgage by approximately four to five years.
Choosing the right payment is important so that your payments are made on time and your mortgage goals are being met.
