Online Mortgage Payment

The fastest, safest and easiest way for the average person to pay off their mortgage is to take advantage of online mortgage payment options.

Online mortgage payment is a far better deal for the average person than mailing in a paper check each month. The advantages to online mortgage payment give the average person far exceed any potential risks from that payment method. Nobody who has access to online payment should bother with a paper check anymore.

Advantages to Online Mortgage Payment 

The biggest advantage to online mortgage payment is that you can know almost instantly that your mortgage provider has received your payment.

 When you mail in a paper check it can take several days or weeks to reach the mortgage company. Worse it might be days or weeks before the mortgage company actually cashes your check. This means that you might not know what is in your account. It also means that you might know if your mortgage payment has been made or not.

By using an electronic payment in which your mortgage payment is deposited directly into your mortgage company’s account you can know that your mortgage payment has arrived. You don’t have to worry that a paper check hasn’t arrived by mail.

Another advantage to online mortgage payment is that you can schedule when the payment goes out. This means that you can send the mortgage payment only when the money is in your account. You don’t have to mail a check when the money isn’t in your account and hope it gets cashed after you’ve deposited the money. Instead you can send your mortgage payment out when the money is actually there. Another advantage is that you can keep the money in your account longer and make the mortgage payment when it is due.

A Kind of Online Mortgage Payment to Avoid

Never sign up for a kind of mortgage payment called automatic withdrawal. In an automatic withdrawal the mortgage company takes your payment out on a certain day.

This arrangement can cause your account to get overdrawn because you have no control over the payment. An automatic withdrawal can go through even if you don’t have the money in your account.

Instead you want electronic bill payment or online bill payment in which you decide when the bill is paid. That way you can defer a payment if the money isn’t in your account or wait until you have the money. Most banks offer electronic bill pay and most mortgage companies accept it. All you’ll need is the mortgage company’s banking information to set it up.

Mortgage companies will try to talk you into automatic bill pay. Don’t listen to them it’s a lousy deal for you.

Security of Online Mortgage Payment

Mortgage payment by mail is actually less secure than online bill pay. Most online bill pay systems are encrypted and can only be accessed by expert computer hackers. Even if the hackers get in the bank or mortgage company can quickly change the encryption to keep them out.

A paper check in an envelope can be stolen by almost anyone. Anybody who has the check has your banking information and can use it to steal money from your account. This means that your bank account is at risk every time you mail out a paper check.