Question: I recently read an article about biweekly mortgage payments — how they help you pay off a mortgage much sooner. It sounds a little bit too good to be true. Should I do this or just keep making my regular $2,000 monthly payment? I have a 30-year fixed mortgage at 4.3%.

Ric: The biweekly payment plan will indeed help you pay off the mortgage sooner. But don’t do it.

Instead of making your monthly payment, you make half the payment every two weeks. Since there are 52 weeks in the year, you’ll make 26 half-payments. That’s equal to 13 full payments — and that’s the trick: you’re making an extra payment per year.

Don’t do that. Instead, put that extra $2,000 into your investment portfolio, where I bet it will earn far more than the 4.3% the loan is costing you.

Instead of trying to pay the mortgage off, create wealth!

Besides, if you put the money into your investments, it remains available to you should you ever need it. But if you give that money to the bank, you’ll never see it again until you sell the house.