Biweekly Mortgages

Q: I hear a lot about these bi-weekly mortgages. What do you think?
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Q: Have you any information about these so-called bi-weekly mortgages? I received some claims that will reduce a 30-year loan to a 22-year loan, saving big $$$. Fact or not?
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Q: After reading the information you provided on bi-weekly mortgages and doing a great deal of research in the industry, I find that most people should pay for the service because they do not have the disciplinary skills to make the extra payment; only 4% of the homeowners in the nation actually do it on their own. Your thoughts?
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Q: Do biweekly mortgage payments reamortize every 2 weeks or is the savings just from the extra payment per year? Most conventional brokers and accountants don't seem to understand it, therefore they are very leery of it. I see it as an opportunity.
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Q: Is it true if you make one extra payment a year, it will take one year off the house mortgage? Like I have a 15 year mortgage at 5.5%. Will making one extra a year bring it down a year each time?
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