We've been looking into this option when we purchase our next house; it wasn't an option on our last mortgage though. I can't see a good reason why this would be a bad idea, unless your cashflow was not regular enough to cover two payments.
I prefer monthly plans, albeit for a silly reason. Most of my other payments are monthly, so I like have my mortgage payments monthly as well. I prefer to keep my finances simple so that they are easier to manage.
It's not actually two whole mortgage payments... it's divided to be paid every two weeks which amounts to a number of extra payments each year... which ends up making a difference in the bottom line. Like an $800 mortgage may be $425 (to cover fees) every two weeks, but then every few months when there are five weeks instead of four, there's an extra payment.
If it makes your loan be paid off faster and for a lesser amount of interest, then all I see are positives in this, it definitely sounds like the best idea do pay off your loan.
Yes... I know that the same things won't work for everyone, but for us it was a very good step. The only "extra" being paid out was the fee to use the plan... it it amounted to a lot less than interest would have been over those extra years we'd be paying on a mortgage.
