This strategy can save you money on mortgage interest [Video]

Most of us like saving money. So, when 13News saw a social media post claiming a hack could trim money and time off of your mortgage, we checked it out.

INDIANAPOLIS — Most of us like saving money.

So, when 13News saw a social media post claiming a hack could trim money and time off of your mortgage, we checked it out.

The post says, “Divide your mortgage payment by 2. Make biweekly payments rather than waiting for the first of each month. This will cut 8 years from your loan and save you 23% – 30% in interest.”

To see if that statement is true, 13News reached out to loan officer Audrey McClelland with CrossCountry Mortgage Carmel.

“Yes, making biweekly payments can help you save over the life of the loan,” McClelland confirmed.

She said splitting your mortgage payment in half and paying it every two weeks comes out to about an extra payment annually.

“A lot of people are like, well, can I just …