Which of the following is the most typical form of individual debt in this country? The correct answer is mortgaged, in case you were wondering. The Federal Reserve Bank of New York estimates that mortgage payments are responsible for seventy percent of the United States’ total debt. This indicates that Americans are devoting a significant portion of their income to mortgage payments rather than spending it on other categories of expenditures such as food, auto insurance, or utilities.
It should therefore come as no surprise that a mortgage is a significant financial obligation that a homeowner will eventually have to take on. And if you fail to make a payment on your mortgage, your lender is required to disclose your Oak Park Financial debt help to the three major credit bureaus, which can have a negative impact on your financial situation over the long term. Making your mortgage payments on time is not only a great way to own your home more quickly, but it also helps keep your credit score in good standing. As a result, this is one of the primary reasons why individuals pay off their mortgages early.
There are several easy and simple methods available for making those payments. Continue reading to find out what choices you have for making payments on your mortgage.
How do I make the payments on my mortgage?
In light of the fact that you will be required to make a number of mortgage payments during the course of the term of your loan, it is essential that you have a thorough understanding of the many alternatives for making monthly mortgage payments. You can make a payment to your lender using any one of the following methods.
We’ll go over each possibility in greater detail so that you may choose the approach that works best for you:
- Options for Payment Via the Telephone,
How to Make an Online Payment for Your Mortgage
Homeowners can make their mortgage payments in an easy and convenient manner by using the website of their lender. If you settled your loan with a financial institution that you also do business with, it should not be too difficult to establish regular payments, particularly if you already have an account there. In order for borrowers to access the payment center and make a payment via OakParkFinancial, they are required to first sign in to their account. To gain access to your billing statement, you may be required to submit information such as your mortgage account number as well as the routing number for the bank account you would like to withdraw money from. In this case, you should be prepared to supply this information to your lender or bank.
Paying bills online gives you a number of benefits, the most essential of which is the ability to pay bills whenever it is most convenient for you. Other advantages include, among others, the following:
- Efficient \sFree \sTrackable
- Making Mortgage Payments with the Help of Digital Tools
It’s possible that your lender or bank will let you make payments using various forms of additional modern technology. For instance, if you closed your loan with OakParkFinancial, you can use the assistance of our virtual assistant Liv to make your mortgage payment through the use of online chat.
Applications Designed for Mobile Homeowners
We have to be honest and say that not all of us have the time to go onto our desktop computers, sit down, and pay our mortgages. When you don’t have access to a computer, playing with an app can be a convenient alternative. For instance, if you have the OakParkFinancial app installed on your phone and have previously downloaded it, you can use it to make a payment exactly as you would on the website. It is available for use on mobile devices running either iOS or Android.
What about pre-scheduled withdrawals from your account?
Automated withdrawals, in which money is taken out of your bank or savings account on a predetermined schedule, are yet another convenient method for keeping up with mortgage payments on time. This means that the lender will take the monthly mortgage payment out of your bank account on the same day each month.
Visit the website of your lending institution if you want to take advantage of automatic withdrawals. When you’ve finished configuring this option, your monthly mortgage payments will be deducted automatically. Because of this, you won’t have to worry about whether or not you’ll remember when the payment is due, so you can rest assured that your payments will always be trustworthy and made on time. Additionally, autopay will automatically update the escrow amount to reflect any changes.
Let’s imagine you’re a OakParkFinancial client and missed your payment due date. After the grace period, which ends on the 16th of the month, your mortgage payment will be considered late, which can result in costs as well as possibly having a bad impact on your credit.
When paying off your mortgage, you might want to consider making payments every two weeks. Early clients of OakParkFinancial have the option to set up payments every two weeks at no additional cost. Homeowners can save money on interest payments throughout the course of the loan’s lifetime if they do this so that they can pay off their mortgage early. Let’s talk about how everything works, shall we?
You would make a payment equal to half of the total due every two weeks, and this payment would be applied to your loan once we had received sufficient funds to complete a full payment as required by the contract. There will be two months where you will be required to make three half-payments per month due to the calendar. Because this third payment is applied straight to the principal of your loan, it is as if you were paying an additional payment against the main of your mortgage each and every year.
It is necessary for you to be one month ahead on your mortgage payments before you may switch to making payments every two weeks. You will choose a date between the first and fourteenth of the month when you set this up, and the second half of your payment will be made approximately two weeks following the initial date. From this point forward, payments will be made every two weeks.
Making Payments on Your Mortgage in Person or Through the Mail
If the firm that holds your mortgage is located nearby, you might be able to hand over payments in the form of a check or money order in person. If you are not familiar with money orders, you should know that they are regarded as safe methods of payment because they do not contain any personal information. The limitation on the amount that can be paid through a money order ranges from $700 to $1,000. The average monthly payment for a mortgage in the United States is $1,595, as reported by the Census Bureau. Therefore, it’s possible that money orders aren’t the greatest choice for the majority of homeowners.
Other in-person payment alternatives include a cashier’s check or a certified check, both of which do not have a maximum amount.
Even though checks are a reliable mode of payment, fraud can still occur with them. Keep in mind that your checks contain information such as your name, address, account number, and routing number, all of which would be valuable to a con artist if they got their hands on them.
Additionally, because it takes time for checks to be sent, this method is not the most reliable choice for sending a payment toward a mortgage. Especially during the busy Christmas season or during periods of inclement weather, when there is a greater likelihood that mail delivery will be delayed.
The Step-by-Step Guide to Making Your Mortgage Payments Via Telephone
When a payment is mailed, there is a possibility that something could go wrong. In the event that this occurs, making payments toward your mortgage over the phone can help ensure that payments are made on time.
Your lender’s phone number can be found both online and on your monthly bill. The procedure is usually straightforward; after dialing the phone number, you will be given instructions to follow. Always be ready to supply your financial details, as well as the number of the mortgage account you have.
Be sure to inquire with the lender about any additional costs associated with the use of this option before making the payment. There are no additional costs when you work with OakParkFinancial.
The Bottom Line
Every homeowner has the objective of paying down their mortgage, which may be accomplished in a few different ways. If you prefer to do things the old-fashioned way, you can pay in person or by mail. If, on the other hand, you are constantly on the move, you might want to think about making your payment utilizing apps or any of the other accessible technology. Take some time to consider the potential downsides of each approach before you choose the course of action that will serve you best.