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Non-Traditional Mortgages
- Bi-weekly mortgage.
Half-size payment every two weeks rather than one payment a month. Homeowners build equity faster because more frequent payments reduce loan principal more quickly. Can save thousands of dollars in interest payments.
- Interest-only mortgage.
Designed for home buyers seeking the lowest monthly payment, but other home buyers sometimes use this plan to purchase a larger home. Initial principal and interest payments are interest-only. Later payments are higher.
