Q. Is a bi-weekly payment plan the best option for me?

A. If you do not receive a weekly/bi-weekly paycheck, or if you are self-employed, a bi-weekiy payment plan

could be an inconvenience for you. And for some peo­ple, just the act of writing out a mortgage check every two weeks takes more discipline than they can handle. In addition, some lenders may require the borrower to have extra payment reserve funds and maintain an in-house checking account for automatic payment with­drawals. It is also common for a lender to charge a service fee of some type to implement and maintain a bi-weekly mortgage program. If this type of plan seems too inconvenient or restrictive, ask your lender if he/she will allow you to make extra principal payments along with your regularly scheduled monthly payment. Regular additional payments on your principal also will pay off your loan balance faster while reducing future interest costs.

Q, How important is job stability when applying for a mortgage loan?

A, Lenders like to see job stability in a loan applicant. A stable job means that the borrower has a steady income to make the loan payments on time. On aver­age lenders prefer that the applicant have two consec­utive years in the same line of work. Ideally this would mean two or more years at the same job. Lenders understand that people do change jobs, so job changes within the past two years may be acceptable as long as income hasn’t declined too dramatically and the applicant provides a letter explaining why the job change took place. Many lenders will also count col­lege as work experience if the graduate is working in his/her field of study. While a good employment record is a key element in getting a mortgage loan, don’t over­look the importance of a good credit history and a high credit score.