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Automatic Mortgage Payments

July 24th, 2011 at 11:37 am

Well I decided to bite the bullet and finally sign up for automatic mortgage payments. The only reason I was hesitant to do that before is because we pay extra to principle every month, and the amount varies every month because I use a spreadsheet to pay down to the next even amount, plus add our change to that. And sometimes we have some rebate or other bonus money to throw at it too. When you sign up for automatic payments it has to be the same amount every month. But the mortgage company is continueing to take forever to credit our payments....(PHH Mortgage - horrible customer service!).....last month I mailed our payment on 6/22/11.....they did not credit our account till 7/8/11! It makes me very nervous and I am scared of going through the whole horrible fiasco from March again. So we will make the auto payment for the regular payment and then still have to mail in our principle payment each time. I am also nervous about that....because I am sure that they will mess that up to since they can't seem to handle anything.

2 Responses to “Automatic Mortgage Payments”

  1. Jackson Says:

    That would drive me crazy! Luckily, with my mortgage company, if I schedule a payment for the 1st, it shows as being credited on the 2nd. It's also easy to make additional principal payments.

    My mortgage is thru Bank of America so I surely wouldn't allow them to automatically debit my account each month.

  2. Jerry Says:

    That would lead me to more than a little annoyance, as well. I agree with Jackson about not trusting BofA with automatic payments... they have screwed up so much while we have been overseas that one of our first actions upon returning to the States will be to fire them. If you have a trustworthy bank, then it's probably fine, though. We will switch ours to USAA, who also does our insurance, because they have been excellent.
    Jerry

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