Miguel and Anita make a $560 house payment every other week.Their loan is an example of a ____ mortgage.

Question

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The fact that Miguel and Anita make a $560 house payment every other week indicates that they have a biweekly mortgage. This type of mortgage allows borrowers to make 26 half-payments per year, which is equal to 13 full payments. This results in one extra payment being made each year, which can help borrowers pay off their mortgage faster and save money on interest in the long run.

Miguel and Anita Make a $560 House Payment Every Other