Many Canadians have learned the benefit of choosing an accelerated bi-weekly payment plan as apposed to the common monthly payment schedule.  
 
When going on an accelerated bi-weekly plan, basically you're making one extra monthly payment in every 12 month period.  So you will be making a payment every other week, however there will 2 months out of the year where you'll actually have to make 3 bi-weekly payments.
 
So how much of a difference does accelerated bi-weekly payments make?
 
At the end of 5 years on a $275,000 mortgage, using an interest rate of 4% you would have reduced your principal balance by $8000.00. Now that's a lot of money for just making one extra monthly payment a year!
 
If you're currently on monthly payments, you probably could change to accelerated bi-weekly by simply calling your lender and requesting it. Give them a call to find out!

For more information please contact:  Beata Kosc Sales Representative

                                                      416-487-5131 or www.beatakosc@rogers.com