How you can make your mortgage payments through online fund transfer ?
A borrower may take out a mortgage loan when he/she wishes to buy their own home but do not have the required cash ready with them. Before taking out a mortgage loan, every borrower should make it a point to shop around thoroughly and compare between various home loans so that he may be able to take out the most suitable one at affordable interest rate. It is important that you pay off your mortgage loan on time failing which your home may be forfeited by the lending institution. You can make your mortgage payments through online fund transfer. You may take the help of Bank of America, Wells Fargo and other financial institutions who offer you the facility to make your mortgage payments online.
How can you start making your mortgage payments online?
After you sign in, choose the Transfer tab in order to go to the payment screen or you may click the Make payments link that is present on your mortgage account activity screen. The next step that you need to take is to use the From Account menu and choose the account you wish to use so as to make your mortgage payment. After this, decide on your mortgage in the To Account menu. You make take the help of Frequency menu to understand if you are setting up a one-time or recurring payment.
How can you make a one-time payment on your mortgage account?
Once you choose your From and To Account, you may opt for a one-time or recurring payment frequency. From the frequency menu, you may either opt for One-Time – Send Now or One-Time – Send On. By selecting One-Time – Send-Now, the Send On date will be displayed automatically. But, in case of One-Time – Send-On, you can directly enter the date by using the mm/dd/yyyy format or click on the calendar symbol to choose a date. You need to know that too old dates and too far dates are not acceptable in the calendar. The next step is to choose at least one or more than one options that are listed just next to Amount. The amounts that you may choose will be summed up together and the total amount will be applied to your mortgage payment. You may find different alternatives listed as per your account but the options for a one-time payment are regular monthly payment, additional payment and fees.
How can you set up recurring payments on your mortgage account?
After you choose your From and To Account, you can opt for a recurring payment or one-time payment frequency. A recurring frequency enables you to make payment on a schedule automatically that fit within your budget. You may choose one of the options that are given below the Frequency menu and then select a date from when you will begin taking out funds so as to make your mortgage payment. You may directly enter the Starting date into the field or click on the calendar icon to choose a date. The scheduling options that you can choose are weekly, every two weeks, monthly and twice in a month. The next step is to choose Regular Monthly Payment or Additional Principal which is just next to Amount. However, if you choose both of them, the amounts will be added up together and the total will be applied to your mortgage payment.
If your mortgage payments have been scheduled, they will be view-able in the Scheduled Transfers and Payments table that is present on the payment screen. After a payment is being sent, you will be able to see it on the Account Activity screen for your mortgage. The mortgage payment with a Scheduled status have not been withdrawn so far where as those with Pending status are currently in process. Choose the link in the table and go to the View Details screen in order to make the mortgage payment online.
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