Does Quicken Loans Pay Weekly?


The largest online retail mortgage lender is Quicken loans. Its parent company is Rock Holdings, Inc. It was incorporated in 1985 and was declared openly in 2018. The headquarters of Rock Holdings, Inc. is in Detroit, United States. Quicken provides loans and mortgages and doesn’t offer other banking services like custody of money, foreign direct investment, or other financial derivatives. Let us know ‘Does Quicken Loans Pay Weekly?’.

Does Quicken Loans Pay Weekly?

Does Quicken Loans Pay Weekly?

Are quicken loans paid weekly? 

No, quicken loans pay biweekly. That is, they pay on a two-week basis. The traditional loan payment model requires monthly payments, so 12 times a year. In the biweekly model, payments are made 26 times a year, therefore we got 52 weeks a year. 

Mortgage loan :

  • A mortgage loan is one of the most secured loans in the market. It helps us to acquire funds by submitting documents regarding immovable assets and properties. Immovable asset: House, Land, or any commercial property. 
  • The immovable property will get presented as collateral security for the stipulated loan amount. The lender holds the asset until the borrower makes the repayment. The lender will not be entitled to the ownership of the property unless and until the borrower is declared insolvent or has gone awry to make the payment.

Difference between biweekly and monthly mortgage payments: 

  • The amount we borrow as a loan is called the principal amount. As a borrower, regular payments of the premium amount and interest should be paid on either a monthly or biweekly basis. 
  • The primary difference between biweekly and monthly mortgage payments is, in the former payment of mortgage loans would be settled early in comparison with the latter and it helps the borrower to save a lot of interest amount. It might be a very small amount in the short span but in the long run, it makes a big difference. 
  • In the traditional monthly mortgage payment, the borrower has to pay 12 times a year and in the biweekly mortgage payment 13 times a year. So in comparison, you can understand that you have to make one extra month of payment in a biweekly mortgage payment.

Merits of Biweekly mortgage payment : 

  • Biweekly mortgage payment helps the borrower to pay off the debt quickly if we are making a payment through biweekly mortgage payments then we are making an extra month of payment. Through this building, equity will be quick and effective.

Let us explain it with an example : 

If your principal loan amount is $200,000 with an interest of 4.125 % and the fixed time is 30 years. Then in the case of traditional and biweekly payment method .

Interest Paid$148,947.70$124,555.76

Thus, Biweekly payments permit you to settle your loan 4 years and 3 months early by making the equivalent of one extra payment per year.

  • Biweekly payment not only helps to pay the debt quickly but also supports the lender to save interest. As we said earlier biweekly payment helps the borrower to pay much faster than traditional payment, so the amount of interest payment will also be reduced. Thus interest is calculated based on the principal amount * time * percentage of interest 

For example, Principal = $10000 Time = 2 years, and rate of interest = 10% 

The interest payable is $2000 and on a biweekly basis, each month $44.5 + $44.5 = $89 has to be paid.

  • Biweekly mortgage payment permits the borrower to make payments 2 times a month so the proportion of money got reduced and helps the borrower to make small payments 
  • Borrowers who are all earning a stipulated amount of money could plan their mortgage payment according to it. Rather than paying an entire fixed amount at the end of the month.

Demerits of a biweekly mortgage payment : 

  • In biweekly mortgage payments, the lender expects the borrower to hold adequate cash or cash equivalent throughout the month rather than at the month’s end. 
  • A biweekly mortgage payment is not recommended for people who are all functioning under a closed budget. Thus it helps the borrower to settle the mortgage loan faster but it also restricts him to spend on other expenses.
  • Some mortgage payment imposes prepayment penalties if you make the payment before the time allocated. It is invariably advisable to review the terms and conditions before accepting a mortgage loan. 
  • Some lenders charge additional service charges from the borrowers for changing the frequency of the payments.


With the above-furnished details regarding biweekly payments, you might get a clear understanding. It would be beneficial for the right person. It helps them to pay off the loan quickly with a reduction in interest. Any mortgage payment should be analyzed properly before venturing into it. If you have any queries regarding quicken loans and biweekly payments, then please feel free to use the comments section to leave your queries and questions.

Frequently asked questions : 

What do quicken loans provide?

They provide various mortgage products like fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, and jumbo loans.

What are the credentials required to get a loan from Quicken loans? 

  1. Proof of identity like driving license, pan card, passport, etc.
  2. Proof of income and employment like a Bank passbook, income tax return, etc.
  3. Proof of address like a recent utility bill – gas/electricity/water/TV license 

How to make biweekly payments? 

  • Firstly, you should choose a date between the 1st – 14th of the month. In this way, you are confirming that the first payment of the month for the mortgage loan can get withdrawn from my bank account. 
  • There isn’t any requirement from your side to make a paycheque for every mortgage premium. It would automatically withdraw the stipulated amount in the scheduled time. 
  • Secondly, In the same way, you should choose a date between the 15th – 30th of the month for the mortgage payment can get withdrawn from your bank account. 
  • Rock holdings provide this automatic option for the consumer’s esteem and conviction.

Does Quicken Loans Pay Weekly?

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