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How do we go about making your mortgage payment directly from your bank account?

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βˆ™ 2007-08-26 04:40:47

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Log on to your banks website and see if there is a "Bill Pay" option. If so, you can put in the mortgage companies name, address, the account number etc.. and set it up to pay automatically the same day each month. If you have difficulty setting it up, a good customer service person can help walk you through it over the phone.

It can be done in reverse as well I believe. Log on to mortgage company's website and do the same. Set it up for automatic bill pay, to debit your checking or savings account the same amount (or more) each month.

2007-08-26 04:40:47
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Q: How do we go about making your mortgage payment directly from your bank account?
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Related Questions

What to do if one owner is not making house payment?

The mortgage payments must be made or the lender will foreclose the mortgage.

Comparing Mortgage to choose the best option for me..?

It depends on how much money you are making. If you can comfortable afford to pay for a 15 year mortgage then you should do this. If you are going to be struggling to make the mortgage payment then you should get a 30 year mortgage.

Is not making mortgage payment considered fraud?

No. fraud, in the legal sense, is to deliberately mislead in order to benefit at another's expense.

Would a mortgage payment calculator help me make a good investment?

A mortgage payment calculator can help provide a rough estimate on the future of your investments; however, it cannot be thoroughly relied upon when making such a decision, as the housing market can take unexpected turns.

What is journal entry when making a payment on a loan?

Bank a/c Dr To Loan Payment a/c

A bi weekly mortgage reduces the term of a thirty year mortgage to how many years?

By making half of a monthly mortgage payment every two weeks, homeowners can save a substantial amount of money over the term of a mortgage loan. Typically, if a homeowner pays half of their monthly mortgage payment every other week, they will reduce a 30-year fixed-rate mortgage by approximately seven years. The reason is simple: instead of making 12 monthly payments, homeowners are making half a payment every two weeks, resulting in 26 half payments per year, or the equivalent of 13 monthly payments in a 12-month period. In the end, the principal is paid down a great deal faster, saving a significant amount of money on mortgage interest payments. Most banks and mortgage lenders offer bi-weekly payment options, and many even offer a weekly mortgage payment option. If you're willing to pay your mortgage bi-weekly, and your lender offers the opportunity for weekly mortgage payments, take full advantage. Does this opportunity to pay off your mortgage early sound too good to be true? Well, there is one caveat: most banks that offer the bi-weekly or weekly payment options also charge a fee to sign up, often hundreds of dollars. However, there is a way to achieve the same results without having to pay these unnecessary fees. Merely make one extra monthly mortgage payment per year or simply distribute an extra month's payment evenly throughout the year by paying down the principal each month. Most monthly mortgage statements provide an extra line for an "extra principal payment." To see exactly how much money a bi-weekly or weekly payment plan can save you over the life of your mortgage loan, an online accelerated mortgage calculator will do the figuring for you. You will be pleasantly surprised at how much time will be removed from your mortgage term.

Are you better off making a mortgage payment once a week or 30 days before it is due or when it is due?

It does not matter how many times do you make a payment. What matters is, a complete payment of minimum amount due is paid before the due date.

What are the consequences of paying late mortgage payments?

Although there is typically no consequence to paying a late mortgage payment, there is typically consequences to making mortgage payments late. These consequences typically include a late fee, increased interest rates, and a lowered credit rating.

What happens when you get call regarding repossession but no letter after making a payment?

One payment may not be enough to stop the progress of the repossession proceedings. You need to communicate with the mortgage company and arrange to make regular payments.

Can you be on the loan for a mortgage in Maryland and not be on the title or deed?

Yes. You would be a volunteer. You would be guaranteeing that the loan will be paid. If the owner of the property stops making mortgage payments the bank will be able to go after you for the full payment of the mortgage, and it will. That would be the only reason for you to for sign the loan. If the mortgage goes into default your credit will be ruined. The question is, "Why would you do that?"

How many years of not making a payment can a credit card company still collect from you?

as long as they want to, Generally they will sell the account to a collegetion agency after 6 months of non-payment

Reduce Your Mortgage with a Mortgage Savings Account?

A mortgage savings account is a financial instrument that can help people pay off their mortgage loans at a faster rate than they would ordinarily be able to do so.The Mortgage Savings Account Is a LoanThe mortgage savings account is a loan that people take less time to pay, because it has a savings account associated with it. The loan has a variable interest rate and is something like the home equity line of credit, because this loan is secured by the house. The difference is that the savings account is also something like a personal bank account for the homeowners.An ExampleWhen people purchase their houses, they will obtain a mortgage loan for the amount of the house which could be $400,000. At the same time, the new homeowners will open a mortgage savings account in which they will deposit a sum of money. For this example, the amount could be $50,000. Because this is a mortgage savings account, the amount deposited has decreased the amount owed on the loan to $350,000. The interest rate that the mortgage accrues will be less, because the homeowners have reduced the amount that they owe.Making Deposits Further Decreases the PrincipleAs people deposit their paychecks into their mortgage savings accounts, they are continuously decreasing the principle on the loan. As they do this, their interest payments are also decreasing because as the principle decreases, so does the amount of the interest owed.The money that is being paid toward decreasing the principle is not lost to the homeowners. With a regular mortgage, the homeowners pay their lending institutions and they no longer have access to this money. In contrast, money that is paid into the mortgage savings account can be withdrawn from this account either by writing checks or by making withdrawals from the local ATM. But homeowners must remember that this product is a loan.The mortgage savings account would be a good option for homeowners who would not be tempted to spend too much money from this account. It is also good for those who are certain they will continue to receive their paychecks. With those too conditions met, homeowners may be able to benefit from the mortgage savings account.

Can you pay extra money on the principal of your home mortgage?

With most home mortgages you can make additional payments without a penalty. In fact making one extra payment a year can reduce a 30 year mortgage to around 21 years.

How does one prequalify for a mortgage?

Pre-qualification for a mortgage is achieved by determining the price range of the home you wish to purchase, having a reasonable down payment for the loan in mind, and making sure to have all of your personal identification readily available when filling out an application for a mortgage loan. You can also call your banking institution and ask for a consultation with a mortgage loan representative.

My name is on the Deed not on the mortgage How do I doc this on my taxes to receive partial credit on the mortgage interest if I assisted in making the mortgage payments?

You'll have to consult your tax advisor on this but typically from a lender point of view if you are not on the note than you don't have rights to an interest deduction come tax time. However, if you have an accountant who tells you different, than you'll have to produce cancelled checks or a statement of some kind to show your share of the mortgage payment being made directly to the lender. If it was paid payable to someone else than it is looked at as paying rent, which is this case would not get you a mortgage interest deduction.

Are you covered by insurance if you own a home but not making payments on it?

Probably if you have a mortgage on the property. The the bank is probably making the insurance payments for you and just tacking it onto what you already owe them. Many times, your monthly mortgage payment includes amounts that are put into escrow to cover mortgage insurance, property/casualty insurance, and your property taxes. The remainder of your payment is used to pay the debt service (the loan). That said, if something were to happen (for example a fire), the lender would likely take any insurance proceeds, so you wouldn't get anything.

How is your credit affected if you miss a one month payment of your car loan and what will be its affect on the mortgage loan?

If you already have a mortgage, no effect. If not, and you have made up the payment,and all other credit payments are ok, and you qualify in all other respects, not much of an effect. But if you have credit cards and are making payments, their interest rates may go up dramatically.

Can a car be repossessed if you are late making the remainder of the down payment but have been on time making the car payment?

YES, making the down payment is part of the contract and you are in default on it.

Can your in-laws apply for the mortgage using their credit score even though your husband and you would be making the payments and how soon after that can you switch it into your names?

If your in-laws apply for the mortage, the mortgage is in their name and they're responsible for paying the bill. If you pay them in order to make the mortgage payment, you are building their equity, not yours. The only way you can switch the mortgage to your name is for you to buy the house from your in-laws.

Can you give me a sentence with the word mortgage?

The economy is making the mortgage rate go down.

When do mortgage rates get fixed?

A fixed mortgage rate is when the interest rate remains the same for each payment. The person making the loan repayments benefits from a fixed interest amount and knowing the amount will remain the same. Fixed loans depend on the duration and the loan amount.

Reduce Costs On Mortgage Payments?

Mortgage payments are typically paid monthly, making 12 payments per year. However, if one extra payment is made each year, thousands could be saved in interest alone and the loan repayment period shortened by years. One easy way to accomplish this is by changing the frequency of payments. Instead of making one payment a month, pay half the monthly amount every two weeks. Another option is to pay a small additional amount over the monthly payment every month that equals approximately 1/12th of the monthly payment. By the end of 12 months, an extra payment will be completed.

What are some of the federal plans involving mortgage modification by lenders?

There are a couple of different federal mortgage plans including the Making Home Affordable Program and the Home Affordable Foreclosure Alternatives Program. The Making Home Affordable Program helps you to modify or refinance your mortgage so that you will be better able to afford your monthly mortgage payment. The Home Affordable Foreclosure Alternatives Program, however, is geared more toward those homeowners who are ready to get out from under their mortgage through a short sale or perhaps a deed-in-lieu of foreclosure. You can learn more about these programs online at the federal Making Home Affordable website (

What will happen to mortgaged property placed in trust?

The property will transfer subject to the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure. However, please note that most mortgage documents contain a 'balance due on transfer clause". That means if the title to the property is transferred the bank can demand full payment of the mortgage. You should consult with your bank before making this transfer.

One of the drawbacks of electronic funds transfer is?

Chances of funds deposited accidentally into a different persons account are significant. When you make an electronic payment, if you enter one or more digits of the receivers account number incorrectly, the bank may end up making the payment to the wrong customer.