RALEIGH, N.C. – State Employees CU on Friday announced it has added a payment option to its mortgage program that will allow homeowners to make semi-monthly payments.
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Officials with the credit union giant said they believe the biweekly payments–26 a year–will make it easier for workers on a biweekly salary to prepare for monthly expenses.
The new payment option will be available for the credit union’s two-year ARM; 15-year fixed-rate mortgage, and AllSaver’s mortgage.
The biweekly payments will be deposited in an escrow account that will earn interest equal to the credit union’s share account rate.
