I set up my bank to pay half my mortgage 2 weeks before it is due, and the second half when the payment is due. Today I found out that they sent the payment back. On the phone, the mortgage company I had the right to make early payments, but not partial payments. Sounds pretty fishy to me. Anyway, I will read the contract soon to see what I can decipher. Any comments? Suggestions to fix this or others ways to cut down on the amount of interest I end up paying them?

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Posted by rpg37

Ocean Springs, MS

Member since Sep 2008

48381 posts

Posted on 3/11/16 at 9:26 pm to Stingray

Who is your mortgage though? Yo should have the option to simply make a principle payment whenever you want to online to manually do this.

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Posted by LSUSUPERSTAR

Member since Jan 2005

16345 posts

Posted on 3/11/16 at 10:13 pm to Stingray

That sucks. I have my mortgage with Wells Fargo and I just called them up to setup the biweekly payments. It makes it much better for budgeting.

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Posted by barry

Location, Location, Location

Member since Aug 2006

50379 posts

Posted on 3/12/16 at 9:18 am to Stingray

quote:
Suggestions to fix this or others ways to cut down on the amount of interest I end up paying them?

How is making 24 payments vs 12 payments going to reduced your interest?

I know some companies allow you to make bi weekly payments which gives you an extra two payments a year. Also what is your interest rate? You probably shouldn't worry about paying down your mortgage.

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Posted by Oenophile Brah

The Edge of Sanity

Member since Jan 2013

7544 posts

Posted on 3/12/16 at 9:49 am to Stingray

I think you would have to pay ahead one month before they would allow you to make 1/2 payments. If you're due March 30, they're not going to accept 1/2 on the 15th and 1/2 on the 30th.

In my experience.
I don't believe that process would speed your interest pay-down anyway.

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