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
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
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.