Looking to cut down on interest and pay your home's mortgage faster? As of Nov. 1, a new rule in New Jersey requires financial institutions to give buyers the option to make more payments per month.

Chapter 56, signed into law by Gov. Phil Murphy in May 2025, added a new section to the New Jersey Mortgage Lending Act that requires banks, credit unions, licensed lenders and mortgage servicers, among others, to provide borrowers with the option of making either biweekly or semimonthly mortgage payments.

"These requirements allow homeowners to accelerate mortgage repayment, reducing overall interest expenses, which can result in substantial savings," Banking and Insurance Commissioner Justin Zimmerman said in a press release. "This important consumer protection gives residents greater contr

See Full Page