Should I be tempted by an 'Equity Accelerator' Program?

So my mortgage company drops me a line offering to sign me up for an ‘Equity Accelerator’ program. Instead of monthly payments they take out a little more than half the monthly amount every two weeks timed to coincide with our paychecks.

I realize that gives us 26 payments per year instead of 24 (if it were twice a month).

But it does appear to accelerate the payoff (in 15 years instead of the 18.5 we have now).

I’m supposing the mortgage holder is interested in getting the current value dollar as opposed to the future value dollar, right?

Anyone tried one of these? What does everyone think?

This is from

• One of the smartest things someone can do with a mortgage is to prepay on the loan. All you need to do is contact your lender and ask for its prepayment procedure. Then, once a year, check the loan balance the lender sends you to make sure the additional payments have been applied properly.
• Fee-based plans that charge $300 to $500 for administering a prepayment system are a bad idea; you can do it better and cheaper by yourself.
• If you reach 20 percent equity in your home, you can save a substantial of money by asking your lender to drop private mortgage insurance.

I’m not sure what was offered to you, but from what I’ve heard, you’re better off just prepaying it yourself.

My mortgage company offered me a similar deal. You had to pay a couple of hundred dollars to enter the program and they charged some some monthly fee.

But I also have the option of just increasing the amount I pay them every month; that option is free and accomplishes the same thing. My mortgage company thinks i’m an idiot.