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Can Biweekly Payments Pay Off Your Loan Faster?


When searching for a home loan, there are many options to choose from when it comes to how you will pay back the borrowed funds. We will not be discussing repayment options such as the length of repayment and a fixed versus adjustable interest rate, but for this article, we will be comparing monthly and biweekly repayment plans.

Biweekly payments are done every two weeks and are normally half of the amount of monthly payments. While it may just seem like spreading out the monthly payment, biweekly payments can actually pay off a loan more quickly and in turn save the borrower money on interest by paying down the principal more quickly. How is this? It’s because biweekly doesn’t always mean twice a month. Biweekly payments are made every two weeks for 52 weeks a year which amounts to 26 half-payments, which is the equivalent of 13 monthly payments.

While a biweekly schedule will reduce the principal and save money on interest with the extra payment put toward the mortgage, there are some myths regarding how this is accomplished. A common misconception is that the first biweekly payment of a month is paid immediately, which would reduce the principal and save more money on interest ...

Tips for Purchasing a Home with Children in Mind

One of the first parts of the home buying process is determining your housing wants and needs so that you can know what to look for when home shopping. One important factor to consider for your wants and needs list is whether or not you plan to have children. However, most people leave it at that and don’t dive deeper into how exactly having a child affects your housing needs. Here are important factors to consider when home shopping if you are a parent or plan to be a parent.


The first aspect to consider is also the most obvious: space. Adding another person to the household requires enough space to accommodate them, so knowing the amount of rooms that you need is crucial. Also, don’t forget how important privacy can be, so make sure that your master suite can function as a place to relax and get some alone time.

In addition to bedrooms, the number and size of bathrooms should be near the top of the priorities list. Think about whether or not the main children’s ...

February Economic Report for San Diego

The top San Diego economic news stories, real estate statistics, bond rates, stock indices, and more for the month of February.

  • San Diego City Council is deliberating a housing incentives program for police officers to address the city’s police officer shortage.
  • President Donald Trump announced in a tweet that California border wall construction will be on hold until the entire wall is approved.
  • The median sales price of all San Diego homes was $539,000 dollars. This is 5.69% higher than it was during February 2017 and down 1.64% from January.
  • There were 2,078 home sales last month, which is down 21.32% from January and down 4.64% from February 2017.
  • The median number of days on the market was 28, which is one day more (or 3.7% higher) than January’s figure but down 20% from February 2017.
  • 23.5% of the homes sold in February were sold for higher than their listing price, which is 7.8% higher than last year and up 2.62% from the previous month.
  • 3,203 homes hit the market last month, which almost doubles the ...

Housing Initiative to Address San Diego’s Ongoing Police Shortage Crisis

The San Diego City Council is planning a new housing incentives program for police officers to help increase San Diego’s understaffed police force. Introduced by City Council President Pro Tem Barbara Bry and Council Member Chris Cate, the proposal would offer up to $50,000 dollars to assist police officers who want to move into reasonably priced homes within city limits.

The money provided to police officers in this initiative will likely be in the form of down payment assistance and will be funded by $5 million dollars in private donations. Council members are considering including a contract stating that the officer will stay in the home and on the police force for several years. Legislators hope that this will increase police officer retention.

San Diego has been facing a shortage of police officers for several years. While the city’s budget allows for a goal of 2,040 police officer salaries, there are only 1,787 police officers on the force at the time of this article. This number is down from last year’s 1,820 police officers and is expected to continue in that direction unless measures are taken.

The cause of San Diego’s police ...

Don’t Be a Victim! Wire Fraud and Other Cyber Security Risks



As technology advances, more and more transactions such as down payments, earnest money deposits, and mortgage payments are completed electronically. While this is a quicker and easier way to send payments than a check, many criminals have used this as an opportunity to commit fraud or steal money. There are important steps to take which will help make sure you do not experience the nightmare of cyber-crime.

As a rule of thumb, we at RWM Home Loans recommend getting a verbal verification from your escrow company whenever you receive a wire transfer request and to never click on any attachments or links provided within the email. When you call your escrow company, do not use any phone numbers provided in the email or attachment in question. Instead, reference the phone number on any escrow documents that you might have or use a phone number that you know has worked in the past. Once you receive verbal confirmation that your wire transfer request is from a valid source with valid transfer details, complete the transfer, then notify the escrow company so that they can be on the lookout for it.

The most common instance of wire fraud is done through phishing, which is when a criminal impersonates a client, employee, or business to submit phony ...

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