How does it work?

The biweekly payment plan is simple yet unique. The simple part is the way your payments are automated so you do not have to be concerned about late payments causing a bad mark on your credit. The unique part is the way your savings will compound creating a fast payoff and equity buildup that your neighbors will envy and wonder, "How do they do it?"

The answer is the Preferred Biweekly payment plan.

It works like this. With the biweekly payment system you are making a small change in the way you make your payment from once a month to half a payment every 2 weeks (every 14 days) and this creates 26 biweekly payments a year so there are "naturally occurring" extra payments to principal at least 2x a year. This won't make your banker rich, but let's look out for you and let the banker worry about keeping the stockholders happy.

This works with any lender and any loan that you are paying monthly now, your mortgage(s), auto, boat, RV, student loan, etc. It is a proven automated system of electronic funds transfers (EFT), since 1986. Unless your loan is setup at the onset of origination for biweekly payments your lender will not accept biweekly payments and very few lenders (one or two) actually offer that type of loan and more often than not, that loan will be at a higher interest rate, etc. As a solution to this, BWMA pioneered the "Preferred Biweekly Payment Plan" and we draft your bank account biweekly and pay your lender monthly. Extra principal reduction payments are applied properly so you get proper credit on your loan(s) and the end result is even greater than a lender's biweekly. The sooner you are debt-free, the sooner you start accumulating real wealth!

Question & Answers

How long does it take to make the first debit once you receive the App?
We can debit as soon as 17 days from the time the Service Provider receives your app. (If the App is filled out properly and all info is complete and accurate).

Do you need to have 2 half payments collected first before you make a payment?
Yes. We will structure the first debit dates to make this as easy as possible and quite often a Double Debit is selected on the first debit date only. Clients should plan to make the necessary debits before the very first due date of the mortgage payment. Why would you want to put off saving money on your mortgage interest, etc.

Should we fill in the debit dates and payment date to lender at the bottom of page 1?
The application form will be filled by the Processing department and the debit dates selected with paying your very first mortgage payment in mind. For example: If your first mortgage payment is January 1st, we would have debited your biweekly payments in December to make the January mortgage payment.

Do I have to qualify?
No. Everyone with a mortgage or loan with a monthly payment qualifies. This is an important feature. After you find out how well the Preferred Biweekly plan works you will probably want to enroll other mortgage loans, auto loans, etc.

Why do you need my Social Security or EIN number?
First of all, there are no credit checks and everyone qualifies who has a bank account and a loan to repay. Secondly, your SS# serves to identify you when you talk with customer service for secure changes to your account, etc.

What happens if I refinance?
Let your Biweekly Service Provider know and they will just transfer the plan to the new loan as a seamless transaction.

How do I confirm that you did in fact debit my account and that you will make my first monthly mortgage payment?
The service provider will be following up with our clients with a welcome package in addition to the initial phone call from BWMA, denoting when the first debit will occur and when the first payment will be made. Great customer service is important because we want you to give your Consultant many referrals. You will also receive your ID# and one of our services even has a website showing your debits and payments.

What if my taxes and insurance go up?
You will need to make the Service Provider (contact info on your welcome letter) aware of all changes when they occur. A change form will also be provided.

What should I do with my monthly statements from my lender?
You should keep the statements on file and watch for any change in the lender and payment address information. Loans are commonly sold and have a new servicing address. Please forward that information to your BWMA assigned service provider immediately upon receipt. Lenders do not inform our service providers of changes. Keeping information on file can be necessary in case BWMA is ever asked to do an audit of your mortgage.

What if I want to stop debiting?
Please call customer service toll-free. You are in control of your future wealth at all times.

Who can I talk to if I have additional questions about the debiting and paying of my mortgage biweekly?
Please call customer service toll-free after you get your welcome package. BWMA (DBA - Biweekly Servicing Company) will only perform as "backup" customer service.

What if I want to add more to principal?
Please contact customer service toll-free. No amount is too small or too big. They can do it for you at anytime. Please allow 3 business days minimum for changes before a debit date.

What if I don't have enough money in the bank to cover the debit?
You should call customer service to avoid the draft, 3 business days before the debit and they will not draft. They will work things out with you to keep you on track with your savings. Sometimes the draft will be re-debited without notice, but you should not depend on this. Please contact customer service so your payment is on time and keep all your checking or savings account info current with us.

What if I want an accounting of payments and debits?
You will soon be able to check debits and payments online and in the meantime you can monitor your bank account statements for correct amounts. Mortgage Auditing is available upon request at no charge once you have been on the Preferred Biweekly for at least a year.

Closing note: The sooner you get started with the Biweekly Savings Plan Agreement the more interest you will save and the faster your equity will build.

The best way to predict your future is to create it. The shorter term of repayment will allow you to do things in the future your neighbors will only be able to dream about. Start building wealth!

To Enroll Call 718-395-2500