In Brief: Crestar Waiving Fees On New Biweeklies

Crestar Mortgage Corp. is waiving its fees for its biweekly mortgage for new applicants to mark the 10th year the loan has been offered.

The holder of a biweekly loan makes a payments every two weeks, which results in the equivalent of one more monthly payment a year. The extra amount reduces the principal of the loan.

Biweekly mortgages usually require setup and transaction fees that don't apply to other mortgages.

Marc C. Smith, president, said borrowers would save money both with the fee waiver and on the saved interest because the principal is paid off sooner.

The fee waiver is available only on loans of less than $207,000, the ceiling for conforming loans.

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