What is the difference between Bi-Weekly and Accelerated Bi-Weekly?

When you are going to make mortgage payments, you are given the option to choose how you are going to pay for your mortgage. Do you want to pay for your mortgage often or you would rather pay quarterly? Some people will choose to pay their mortgage every two weeks or bi-weekly and some would choose to pay accelerated bi-weekly.

You may think that these two are the same but actually, they are not. Accelerated bi-weekly means that you have to pay for your mortgage twice every month while paying the bi-weekly option means that you can pay every two weeks regardless of what month the payment dates would fall.

Bi-weekly refers to the mortgage payments that would need to be paid for twice every month while an accelerated bi-weekly means that this is a mortgage payment that will be done once every two weeks. It would depend on you which one will work better for you.

There are some who choose the accelerated bi-weekly because they know that this is the time when they would get their payments. Those who choose bi-weekly would like to pay twice every month but it does not necessarily have to be every two weeks. Some say that you can pay off more of your mortgage when you choose the accelerated bi-weekly payment.