• You can pay off your mortgage early with a bi-weekly mortgage program.dollars image by Mikhail Olykainen from Fotolia.com
  
  If you want to pay your mortgage off early, you might investigate enrolling in a bi-weekly mortgage program. Many banks and lenders offer these programs that allow homeowners to make two half-mortgage payments a month instead of one full one. Be aware, though, that most of these programs are not free. Your bank may charge you a monthly fee, which varies greatly depending on the bank, to participate in a bi-weekly mortgage plan. Other banks will charge annual enrollment fees, which also vary depending on the financial institution. Some borrowers say that the fees are worth it because of the many advantages. Of course, there's nothing to stop homeowners from making two half payments a month on their own, without the help of a bank or lending institution.
  
  

Convenience

• Many people like bi-weekly mortgage payments because they coincide closely with the bi-weekly payment schedules at their places of employment. Homeowners who set up direct withdrawal systems with their banks and direct deposit systems with their employers will find that their mortgage payments get made without much effort.
  
  

Paying Off Your Loan Early

• When you pay half of your monthly mortgage loan every two weeks, something unusual happens: You end up making two extra half-payments every year. This means that you'll, in essence, send 13 monthly payments to your mortgage company every year, while borrowers with standard monthly-payment arrangements will make only 12. According to Bankrate.com, this means that you will pay off your mortgage six to eight years ahead of schedule.
  
  

Paying Less Interest

• By paying off your loan six to eight years earlier, you'll be paying less interest than you would if you paid on a monthly schedule. Be aware, though, that you probably won't be paying off your interest as quickly as you think. Even though you are making two payments every month, your mortgage loan servicer might still be making just one payment every month. This means that your compound interest will not be cut down as quickly as you might think. Be sure to check with your lending institution to determine if your servicer will pay twice or once a month.