Thinking outside the box can save you a bundle.
With bi-weekly loan payments, you can cut thousands from your loan interest charges and eliminate debt years ahead of schedule.
You've probably heard the phrase, "Divide and conquer." That's a good strategy for paying off your Fox loans. By dividing your scheduled monthly payment in half and then sending that amount every two weeks, you can enjoy significant long-term savings.
- 26 half-payments are made each year rather than 12 full payments
- The result is one full extra payment to the loan each year
- Principal balance is reduced every two weeks instead of monthly
- The lifespan of your loan is reduced.
Run the Numbers - these calculators illustrate your savings using bi-weekly payments.
Exclusions apply, not all mortgage loan products qualify for bi-weekly payments. For additional information visit a Fox Communities Credit Union (“Fox”) location or speak with a friendly Fox Mortgage Loan Officer.