Mortgage Payment on-time

Paying Your Mortgage Payment On-Time, Every Time
each month is the most important obligation you will have. Failure to pay can result in higher fees, interest expense and possible foreclosure. We have a number of recommendations for FAST mortgage payoff options.

1. Get Automated Draft:

Most lenders offer automated draft of your monthly mortgage payment
If you continue to have insufficient funds in the account after the second attempt, you may be assessed a fee.

2. Automated Bill Payment:

If your lender does not offer automated draft,

or if you prefer more control over your bank account, look into setting up reoccurring bill payment schedule through your bank's online bill payment feature.

Many banks offer this service FREE to their banking customers. If not, you can shop around to find a bank that does.

You simply link to the bank's online banking site and register for bill payment services. Follow their instructions on setting up recurring bill payments.


Make sure you read carefully how the DUE DATE works.

Many bill payment services require a 3-5 day lead time to ensure timely payment.

You should check with your mortgage lender and request information where e-payments should be sent. Some lenders have a special lock box for e-payments.

Make sure you have sufficient funds in your account when your due date occurs. Banks will require that you have funds in the account before they initiate payments.

3. PC Bill Pay:

Another option is bill pay through a PC Personal Management Software program (PFM).

The procedure requires you to setup bill payment through your bank or other bill payment services company.

You simply follow the instructions in the PFM software to setup your bill payment accounts and instructions.


Many of these PFMs allow reoccurring or automated bill payment,

which means you don't need to do anything to initiate the payment. You simply setup the payment information and forget about it.

Most banks and bill payment services charge a fee for this service. Check around to find the best program.

4. Professional Bill Payment Services:

There are private bill payment companies that manage your bill payments.

They will make payments on your behalf to your mortgage lender and whomever you designate.

The advantage of these services is that someone is monitoring your bills to ensure payments have been made and delivered.

These services are the most expensive type of bill payment service.