Mortgage payments typically start one month after closing on your home.
That being said, it’s perfectly common for first-time homebuyers to have questions about how to actually pay their mortgage. Many new homebuyers have no idea in the beginning what they are supposed to do or where they have to go to pay their mortgage company for the first time. Even experienced buyers can encounter difficulties because not every mortgage company follows the same process.
To shed some light on this matter, we’ve provided some information on how to make your first payment to your mortgage company.
Different Methods for Paying Your Mortgage
Chances are, your mortgage company has already provided you with some information regarding payments. Check your loan docs for more details on when and how to make your first payment.
If you’ve lost your paperwork or are still unsure about how to go about the process, just give them a call. They’ll be happy to help!
Chances are, your mortgage company accepts payments in some, if not all, of the following ways.
Online Payments
You may be able to pay your mortgage online. Many mortgage companies have online portals that make it easy for their customers to make payments securely and on time. Online payments are fast and reliable. And they can be done all without having to leave the comfort of your home!
Automated Payments
Automated payments allow your mortgage company to extract funds from your bank account on a specified day and time. You can schedule the payment to be taken out of your account at the start of the month or whenever your mortgage payment is due. The charges will automatically land in your mortgage company’s account each month.
Credit Card
Usually, the very first mortgage company payments can’t be made with a credit card. And some mortgage companies don’t even allow credit card payments. But if you accidentally run late on your first payment, you may possibly be able to request to pay with a credit card. Your mortgage company may allow you or they may have strict requirements against this.
Via Mail
You may also have the option of paying your mortgage through the mail. For this option, write a check to your mortgage company. Then, mail it to their address. Your payment will be received and processed in a few days.
In Person
You may want to make your first mortgage company payment in person. For this option, go to your mortgage company’s office and hand-deliver your payment. Make sure to get a receipt for your payment.
Check with Your Lender First
Before assuming that your mortgage payment can be made any particular way, you may want to check with your lender first. You don’t want to wait until the last minute, thinking you can make your payment online only to find out you have to mail it in. If you’re not sure about what payment methods your lender accepts, it’s best to contact them directly and find out.
Get More Information
Looking for more information on how to pay your mortgage? Have questions about getting a home loan? Contact Mortgage Solutions Financial today to get the information you need.
