One thing I would like to see is payment date versus salary date.

Many people think that bi-weekly - accelerated bi-weekly is better than monthly, which may be true but it's really dependent upon you salary frequency - and the time between them simply needs to be minimized..

Matching payment frequency with salary dates is a practical way to ensure that money is in the account when payments are due, and it makes it easier for some people to budget, but there is no inherent benefit to this matching, and there is no magic behind 'accelerated' payments paying off your mortgage more quickly vs. monthly payments, contrary to popular belief.

"Accelerated" payment = increased payment. That's it.

The sum of your annual payments is roughly equal, given the same amortization period, loan amount, and rate. How you choose to pay has a negligible impact in the end, as the interest is compounded semi-annually anyway.

Bi-weekly = 26 payments

Semi-monthly = 24 payments (and is therefore a slightly higher payment than bi-weekly)

Accelerated bi-weekly = taking the higher semi-monthly payment figure and paying it on a bi-weekly basis.

Naturally, a higher payment with everything else being equal results in a lower amortization period; however, the same overall payment increase can be applied to a monthly payment schedule, yielding a near-identical benefit.

Given that lenders have long permitted borrowers to increase their mortgage payment (and make lump-sum payments), "acceleration" is actually an antiquated feature that has for some reason endured over the years.

i.e. pick the payment frequency that is most convenient for you, because you can set your payment to pay off your mortgage in whatever amount of time suits you.