Doing this allows you to make two extra payments each year, which can greatly reduce the amount that you pay in interest over the term of the loan. If you are on a biweekly pay schedule, the automatic payment is easy and convenient.

The time between your loan approval and closing is an important time. Avoid making any changes to your financial situation until after your loan closes. Your lender is likely to check your score after the loan is approved. They may rescind their offer if you have since accumulated additional debt. Visit https://www.scoop.it/u/joyce-b-lund