Bi-Weekly Drafting Program
Reduce Interest Paid on Your Mortgage
Arvest Bank - Mortgage Division’s Bi-Weekly Drafting Program reduces the amount of interest you pay over the life of your loan. Approximately, twice a year, an additional draft accumulates and is applied directly to principal. As a result, your loan may amortize more quickly, resulting in less interest due, fewer payments and an accelerated payoff date.
Once enrolled, the equivalent of one-half of your regular monthly payment is drafted from your account every two weeks (26 times per year) on a Friday, or the following business day. Some months three drafts will come from your account.
If you’re enrolled in the program, a payment will post to your loan once per month (on the 10th or the following business day). Approximately, twice per year, three drafts post on that day. When this occurs, the equivalent of a half-payment posts to the principal balance on your loan along with your regular monthly payment. Because the note originated as a monthly amortizing loan, we only apply payments once per month (on the 10th or following business day) regardless of when the draft occurs.
Please note: There is a one-time enrollment fee of $200 for this program. Additionally, a transaction fee of $3.50 is added to every draft and these fees are subject to change.
You may make extra principal payments on your loan without participating in the Bi-Weekly Drafting Program.
To enroll in the Bi-Weekly Drafting Program, please complete the Bi-Weekly Payment Drafting Enrollment form.