- Top Question:
- How do I change the payment frequency for my mortgage?
- Best Answer:
Arvest Bank Mortgage Servicing offers a Bi-weekly Payment Drafting Program for eligible loans. You can request more information by calling (800) 366-2132.
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.
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