Biweekly Fixed-Rate

Pros
This type of loan shortens the payment term of a 30-year fixed-rate mortgage by making 26 biweekly payments in a year instead of 12 monthly payments. The biweekly payments are usually half the amount you pay when you make monthly payments. For example, if you pay $600 once per month on a monthly payment cycle, your biweekly payments become $300.

These extra payments can reduce the length of a 30-year term to 18-22 years. However, if the biweekly payment schedule becomes too much, you can usually convert it to a conventional 30-year fixed-rate loan. Because the term is reduced, you pay less interest over the life of the loan. In order to participate in this program, payments must be automatically withdrawn from your savings or checking accounts. 

Cons
While this program has advantages, payments must be deducted from a savings or checking account; this can be problematic if you do not have an account, or if your income is erratic. In addition, the lender may make debit charges to your account.  By paying off the loan faster, you lose the benefit of deducting the mortgage interest from your federal taxes for as long as you would for a 30-year fixed-rate loan.