There’s a pretty good chance that your mortgage is your largest recurring financial obligation, so get that thing on auto-pay with your lender.
Auto-pay makes your life easy.
When you auto-pay your home loan, you’ll never forget or miss a payment; your payments will be electronically secure; and, you’ll protect your credit rating against late payments that can cost you money.
Auto-pay is never late.
Your history of making on-time payments is the largest factor in your credit rating, and mortgage payments outweigh other payment types such as car payments and for student loans.
When you auto-pay your mortgage, your credit rating gets a strong foundation for growth, which can help you access cheaper rates for insurance and better rates on future loans.
You can put your loan on auto-pay when you sign for your house at closing.
In your closing documentation, a form will ask whether you want to initiate auto-pay on your mortgage. Select “Yes” and choose a date near the start of the month.
Choosing an early date in the month gives you time to recover from technical issues that may delay your payment, and from emergencies that may have temporarily depleted you of cash.
For example, on your due date, if your bank account is short on cash, your bank will send a notification, which gives you time to handle the situation.
Auto-pay makes sure your largest financial obligation stays current — and that’s a big deal.
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Home buyers snatched up properties for sale in May as housing made its v-shaped recovery.