Set a payment frequency that works for you

Once you secure a mortgage, you will start making payments to repay the loan. Most lenders give many different frequency options for your mortgage payment. A homeowner has the following options -

Monthly Payments - One payment per month (12 payments per year)
Semi-Monthly - Two payments made on the 1st and the 15th (24 payments per year)
Bi-Weekly Payments - One payment every 14 days (26 payments per year)
Accelerated Biweekly - One payment every 14 days. The calculation of this helps to pay down your mortgage more aggressively.
Weekly - One payment every seven days (52 payments per year)
Accelerated Weekly One payment every seven days. The calculation of this helps to pay down your mortgage more aggressively.

Most lenders will give you a commitment with the payment frequency set to monthly. Ask your mortgage broker to explain your options. Also consider how you are paid from your employer and what makes the most sense for you!