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SECU offers biweekly mortgage payment option
RALEIGH, N.C. (12/18/07)--State Employees CU (SECU) of Raleigh is offering members a biweekly mortgage option. The mortgage option was created after members requested it. Mortgage payments are often too large to make from one paycheck, said Phil Greer, senior vice president of SECU’s loan administration department (Carolina NewsWire Dec. 3). Three types of SECU mortgages are available with the biweekly payment option: the two-year adjustable-rate mortgage, a 15-year fixed rate mortgage and the AllSaver’s mortgage. SECU’s biweekly mortgage program takes the sum of 12 monthly payments and divides the total into 26 equal payments. The biweekly products include an escrow account where funds are collected with each payment for annual property taxes and insurance and held until needed. The escrow account earns interest. The biweekly mortgage payment has been available since Dec. 1. There is no charge for the added service. SECU has $14 billion in assets.


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