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I am about to buy a home for the first time. Do all banks/finance companies allow bi-weekly or weekly mortgage payments??
In my situation, I am planning to stay in my home for only 4.5 years. Would making extra payments on the mortgage or making weekly mortgage payments make any sense in my case.
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Why would you consider buying a home in this market for only 4 .5 years? You could concievably end up taking a year or more to sell the place when you are done with it.
To partially answer your question though, for the most part, the first couple of years that you are paying on a mortgage it is almost all interest depending on what your downpayment was. If you go into a house with a minimal downpayment and have to pay a PMI you would have to be dumping buckets of money onto the payment to really acheive any affect in those few years. You would most likely be better off saving that extra towards your next home after that assuming you will be buying again.
If think for you we would actually need to know more about why you are buying a house for such a short time, what kind of downpayment you are going to use, and what you will be doing after to really answer your question.