Associate Banner
 

Typical Questions About Payments


How long does it take to receive a coupon book from the time of closing?

If I have selected Automatic Direct Debit as my payment option, when is my payment draft date?

Can I make additional principal payments on Automatic Direct Debit?

What is the turn-around time for posting payments?

How do I stop my Automatic Direct Debit of payments before the next draft date?

If I am in the process of prepaying my loan in full, should I notify the lender to stop my Automatic Direct Debit payment?

If I don't make my mortgage payment on time, will I be reported to the credit bureaus?

May I overnight my payment to the lender?

If I bounce a check, will the check be presented to my bank a second time?

Does my lender offer an online or phone payment?


 
How long does it take to receive a coupon book from the time of closing?
Usually you should receive your coupon book before your second payment is due.

Return to questions


 
If I have selected Automatic Direct Debit as my payment option, when is my payment draft date ?
This varies from lender to lender. You should contact your lender about their availability and policies.

Return to questions


 
Can I make additional principal payments on Automatic Direct Debit?
You need to contact your lender for their policies. But prior to getting your new mortgage be sure to ask your loan officer about making extra payments and prepayment penalties, and if there are any!

Return to questions


 
What is the turnaround time for posting payments?
Check with your lender.

Return to questions


 
How do I stop my Automatic Direct Debit of payments before the next draft date?
Contact your lender.

Return to questions


 
If I am in the process of prepaying my loan in full, should I notify my lender to stop my Automatic Direct Debit payment?
Yes. Usually you want to cancel your automatic payment 15 days prior to the payoff date of your loan. If your mortgage payment due date occurs before the payoff date, you are still responsible to make this monthly mortgage payment.

Return to questions


 
If I don't make my mortgage payment on time, will I be reported to the credit bureaus?
Payments are typically due on the first day of each month. Lenders vary but usually allow for a grace period before late charges are accessed. If your payment is not received by the last business day of the month, you may risk being reported to the credit agencies.

Contact your lender to find out their policy. AND, it's always best to call your lender before you are going to be late. A phone call may demonstrate your interest in keeping them informed and that you are concerned.

Return to questions


 
May I overnight my payment to the lender?
Usually, but contact them for their policies, addresses and other information that you may need.

Return to questions


 
If I bounce a check, will the check be presented to my bank a second time?
It is not guaranteed that your check will be deposited a second time. Please check with your bank regarding their procedures.

Return to questions


 
Does my lender offer an online or phone payment?
Most lenders offer these options but you will need to contact them to get specifics.

Return to questions