Quote:
Originally Posted by fiveohwblow
Share how you got on a bi weekly schedule cause we tried too and all they were doing was allowing the payment to stack… not applying it
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As you probably know, the deal with bi-weekly payments is that the servicer essentially banks your first 1/2 payment for two weeks, and then when you make the second 1/2 payment they credit that to your account. That's a (small) negative since you lose out on whatever interest you'd be earning on that 1/2 payment, but the positive is that you meter your cash flow and make one extra principle-reducing payment each year w/o having to think about it.
With Mr Cooper we had to fill out some paperwork opting into the bi-weekly plan and then pay the first 1/2 payment at least two weeks before the next full month's payment was due. Once the 2nd 1/2 payment went through on the normal due date we were off an running.
Mr Cooper's paperwork was very badly worded and confusing. Our current servicer allowed us to opt-in via their web portal, which was much more straightforward, and their presentation of how it worked waaayyyy more clear. Much better experience.