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Top Question:
What is the mortgage Bi-Weekly Payment Drafting Program?
Best Answer:

The Bi-Weekly Payment Drafting Program may reduce the term of the loan and the amount of interest you pay over the life of the loan.

  • This program will automatically draft your account for one-half of your regular monthly payment every two weeks, or 26 times a year.
  • Regular payments are applied to your loan monthly.
  • Twice a year, an additional one-half payment will have accumulated.
  •  Arvest will apply this one-half payment as a principal only payment.
  • By applying the two extra half payments to principal each year, your loan may amortize more quickly, resulting in less interest due, fewer payments, and an accelerated payoff date.
  • $200.00 enrollment fee.
  • $3.50 draft fee (each draft taken).
  • $150.00 re-enrollment fee on the same property.

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