I made a partial payment on our new mortgage on 12/29 and sent this in through the mail to the address that was on my payment slip. I called the mortgage company today because it has not cleared my checking account yet and it has been two weeks. The mortgage company stated that they don't accept partial payments unless it is set up through their direct withdrawal every two weeks from a checking or savings account.
I have never heard of this before!
The representative told me that eventually the payment would be credited to my account to the principle after the payment was forwarded to the new address for the mortgage company. He also stated that I could stop the payment at the bank.
I am not sure if I want to stop the payment or wait to see if it goes through my account by the end of January. Regardless I made the first "payment" on our new mortgage in full to be credited come February 1st (which was our original first payment due date).
It's a bit frustrating. I got paid today and most of my paycheck went to the full mortgage payment. Thank goodness I can get some of the other bills paid and we don't need anything at the grocery store. We will need to get gas in the two vehicles and after tonight's shift I am off work for the next five days.
I would like to keep my savings in tact and not use any of it since we are working to maintain the budget on my take home pay, with the kids paying their rent, and my husband contributing once a month to the budget.
Mortgage companies sometimes will charge a fee to split the payment. This could be a couple hundred dollars in fees for the year if you don't have this set up correctly.
ReplyDeleteThe mortgage company offered to set up every other week payments from my checking account. I would prefer to send the payment through the mail and I have done it since 2002. I guess I am not keen on automatic withdrawals.
DeleteWhy did you mail a partial payment if the first payment isn't due until Feb 1?
ReplyDeleteI was attempting to get the first payment sent early and had enough left in the checking account to get a partial payment mailed out with the goal of sending the other half yesterday in the mail.
DeleteIt's one less thing for me to worry about, and I know that it gets there on time.
ReplyDeleteWere you worried that if you didn't send it in now, while you had the funds, that you would spend the monies and they wouldn't be available when the normal payment date came? One of the perks of buying a home is being able to skip the first month of ownership/residence for having to make a payment.
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DeleteYesterday I got home from work and was so worn out. I ended up crying about the mortgage payment that I didn't get credited to my account yet. The reason I sent half a payment was because I used to send in payments every two weeks when we lived in Virginia because I worked three jobs. I was a full time RN in the ICU, a part time supervisor for the same hospital, and I taught three courses at the local university. I was working 6 days a week and attending school to earn my MSN.
Regardless when we moved to Florida this summer I was paying the partial rent every two weeks and actually was able to get ahead by a month and a half by doing this. Life happens and I wanted to make sure that we had enough in payments in case there was an issue happening and it would have relieved some stress. So I continued with this for the new house and well, needless to say, it will be stopped and I will send in the monthly payment through the mail.
Were you worried that if you didn't send it in now, while you had the funds, that you would spend the monies and they wouldn't be available when the normal payment date came?
ReplyDeleteHardly. No. I worked hard to get my bills paid and get out of debt. I was able to pay ahead on the mortgage and equity line we had in Virginia. When we sold our home I asked for 129,000 and got 120 offered and accepted. I only owed 67 on the original mortgage and 5 T on the equity because I would send in payments every two weeks regardless. I have done this for many years and was hoping to continue to do this for our new home.
I am not a foolish spender and pride myself on being smart enough to know due to past experiences when I was much younger. I have managed to raise my credit scores as high as 750 in the past few years with the good practices I have learned.
Here in PA it is called a bi-weekly mortgage and at least my bank makes you have a checking account through them and every other week a half payment is deducted from the account. It pays off the mortgage faster, never heard of someone just sending 1/2 payment at at time themselves.
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