CitiMortgage is very slyly skimming interest from it's customers by signing them up for bi-weekly payments. They draft your account every other week, but they only post it to your mortgage monthly. That means you are paying interest on money in their account!
They do make the yearly extra payment toward your principle (26 bi-weekly payments equals 13 "monthly" payments per year). That does help in paying off the loan sooner. But, if posted as recieved, and required by law, you would save many thousands of more dollars in interest. Most people don't know they are being ripped off.
CitiMortage Biweekly Advantage works toward their advantage. Can you imagine how many millions of consumer dollars they keep on account by delaying the payments? I feel real stupid for letting them trick me. I double checked my accounts after 3 months of the Advantage and discovered their game.
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