The Benefits of a Bi-Weekly Mortgage
Achieving long-term success requires a well-designed plan to save for future needs while financing more immediate ones as cost effectively as possible. Our Bi-Weekly option on 15- and 20-year fixed-rate mortgages can help you do both.
|For a Hypothetical $200,000 Mortgage*|
|15-year at 3.471% APR*||Bi-Weekly||Monthly|
|Actual Amortization||13.54 yrs||15 yrs|
|20-year at 4.282% APR*||Bi-Weekly||Monthly|
|Actual Amortization||17.6 yrs||20 yrs|
|* All loans subject to credit approval. APR is Annual Percentage Rate and is used for illustration purposes only. Rates quoted were accurate as of 10/29/14, but are subject to change at any time. Hypothetical payments do not include amounts for taxes and insurance premiums, which would make the actual payments greater. Both monthly and bi-weekly options apply to mortgages for owner-occupied dwellings in IN, MI and FL only. A 1st Source checking account with auto-debit is required for a bi-weekly option.|