What is the mortgage Bi-Weekly Payment Drafting Program?

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.
• An additional one-half payment will have accumulated twice a year.
• Arvest will apply this one-half payment as a principal-only payment.
• By applying the two extra half payments to the principal each year, your loan may amortize more quickly, resulting in less interest due, fewer payments, and an accelerated payoff date.