November 21, 2017
 
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See How Easily You Can Pay Your Mortgage

No matter who you are or what financial circumstances you find yourself in, bill paying time is something most of us put off or tries to avoid. Your mortgage payment, however, must get paid on time, every month. Why not make it easy on yourself and set up an automatic payment with your lender to ensure it gets paid and take the worry off your shoulders. In fact, most lenders prefer to receive payments electronically rather than through the mail and may even offer incentives for you to set it up. Basically, you need to give your lending institution permission to dip into your checking account every month and make a withdrawal. For those of you who are unfamiliar with the process, here is the set up procedure:

Step 1: Contact your mortgage lender. Find out if they have an automatic payment option. Chances are they do because it's in their best interest to get their money automatically every month.
Step 2: Ask for an automatic checking/savings withdrawal form. This will give the lender permission to take the money from your account.
Step 3: Fill out the form and send it in. You'll need to provide the routing number and checking account number from your check, or they may prefer a voided check or deposit slip. Also, you need to give them the amount, as well as the day of the month for the transaction. For example, if your mortgage payment is due the first of every month, request it to be paid 5 days earlier.
Step 4: Verify payment. Especially for the first automatic payment, make sure the transaction actually went through and was received.

The process works best if you have your paycheck automatically deposited into your account through payroll. This way, the funds will most likely be available and it's a good way to avoid late fees. It may also give you renewed motivation to keep your checking account balanced and have more control over your spending.

 

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