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My mortgage payments were made biweekly. My mortgage got bought by a new company. This company is saying that biweekly is not available, I have to make monthly only. Can they do that?
Yes, thanks. I know we don’t get the benefit until the end of the year but I split the mortgage with a friend, so the bi-weekly was the just the easiest way to keep track of payments.

Okay, so the confirmation is they can change the due date but not the payment schedule.

3 Thoughts on new mortgage company?
  1. Reply
    Appraiser guy
    July 15, 2013 at 10:11 am

    No they can not change any of the terms of your Mtg.

  2. Reply
    July 15, 2013 at 10:58 am

    do you realize with a biweekly mortgage you don’t actually see any benefit from that extra payment(s) until the end of each year?

    you would be much better off if they allowed you to make extra principle payments every month – those payments get applied the following month

  3. Reply
    Beverly S
    July 15, 2013 at 11:05 am

    They cannot change any of the terms of your NOTE, however, paying bi-weekly is not on your note. It is a choice the mortgage company allows you to do. If you are on a regular FHA/VA or conventional loan however you can pay extra principal at any time which basically allows you to pay it off sooner.

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