Jerry, My mortgage company is offering this plan, telling me it would save 6years 6months on the note and I would save 27,000 dollars over the term. My current payment is, say $750.00 a month bi-monthly would be $375.00 with the above savings. The catch is a non-refundable $375.00 enrollment fee paid in installments with this one time offer $15.00 the first 25 weeks .075 per each draft. Question is "Is this a good deal or what"?  Dear Mike:

 Some mortgage companies are offering thes! e types of rip-off programs to pad their income statements.  I would beware of anyone offering bi-weekly payment options or credit insurance offers.  Here is the reason why this is a bad deal for you. It is true that by making bi-monthly payments you will accelerate your mortgage and save a bundle over the term of the loan.  However, what they are not telling you is that there are 52 weeks in a year. This equates to 26 bi-monthly payments.  Which means that you are actually making one extra mortgage payment per year.  Basically, they are charging you a fee to do what you can do for free.  If your house payment is $750 per month add $62.50 to your monthly payment and you will come out ahead. For more information on money sa! ving tips visit the mortgage center at http://www.midwestmortgagecapital.com/.  Good luck

Jerry