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Ways to pay

In years past, pretty much everyone made mortgage payments in the same way: by mailing in a check. Now, there are a number of options available to borrowers that make repayment a little less painful. Read on for information regarding the new, some would say improved, ways you can make mortgage payments.

Technology has made it a lot more convenient to make mortgage payments. Many lenders now have websites where you can submit an electronic payment. Usually, you will be required to set you an account.

Have relevant information about your mortgage as well as your bank account (account number and routing number) on-hand to streamline the process. Online mortgage payments are typically processed faster than those you mail in, which makes them a great option for people who put off paying their bills until the last minute.

Also, some lenders offer automatic withdrawals. With this payment method, your lender will automatically draw your monthly payment from your checking or savings account on a pre-scheduled day each month.

Of course, this method gives you less flexibility with deciding exactly when you want to submit your payment, but some people appreciate not having to remember to make the payment themselves. Also, since the payment is deducted automatically, you never have to worry about it being late.

Of course, availability of the payment methods detailed above varies from lender to lender, and if you’re old-fashioned, you might want to just mail in that check anyway. If having extra mortgage payment options is especially important to you, then ask before you commit to an application.

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