How to Cancel Recurring Mortgage Payment at Wells Fargo?

Putting on automatic payments in most cases will make your life easier and will prevent accidental non-paying from occurring. But before you set up automatic payments at Wells Fargo, you should first learn how to cancel recurring mortgage payment at Wells Fargo.

You can cancel recurring mortgage payments at Wells Fargo either through their online platform or through calling a customer service center. Every change to automatic mortgage payments must be made at least three business days before an automatic withdrawal is due.

Money in the wallet

On the other hand, even though many options are available through Wells Fargo online service, some of the changes on your automatic mortgage payments can not be done online. Let’s find out how this process works.

How to Cancel Recurring Mortgage Payment at Wells Fargo?

There are a couple of ways you can cancel automatic mortgage payments at Wells Fargo. Just make sure the bank receives a request at least three business days before the date of the funds’ charge is due. Any changes to your automatic payments can be done in three ways:

  • Online on the company website,
  • Via customer service,
  • E-mail or fax.

How to Cancel Wells Fargo Home Mortgage Automatic Payments Online

If you just recently have been approved for a mortgage at Wells Fargo and you haven’t set up your online account, now is an excellent opportunity to do so. In the same way, this will be your first step in canceling any automatic mortgage payments. Once you have opened up a Wells Fargo account, you can get access to your payments. You can do this through the web or with the app. Either way, the process is the same. You must click on the transfer and payment option and select Pay WF accounts. The next step is to choose the view/delete option in the “Transfer & Payment Activity” option, then choose option delete, and your payments will stop. Here is what you can do through the web or app.

Type of serviceIs it possible through the web or app?How is it possible to be done?
Cancel paymentsYesOnline, by calling, or by e-mail
Temporarily stop
payments
NoOnly by call or e-mail
Make other changesNoOnly by call or e-mail

Contact Customer Service and Cancel Your Automatic Mortgage Payments

Another way you can change your automatic mortgage payments is by calling customer service and asking for cancellation. The number is listed on the Wells Fargo website (1-877-805-7744). Note that changes in all automatic payments may take up to 30-60 days to be processed. So make sure, when you are on the phone, to ask when the new request will be processed.

Other Ways You Can Cancel Your Automatic Mortgage Payments

You can temporarily stop payments, cancel payments, or do other changes via e-mail or fax. But to be sure you have done everything, maybe the best option is to call customer service or do this on your Wells Fargo account.

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How to Set up Automatic Mortgage Payments Online?

Once you get mortgage approval, the best course of action should be to set up an automatic mortgage payment. No matter if you have a fixed or adjustable mortgage rate, these automatic payments will make your life much easier. Setting up an automatic mortgage payment with Wells Fargo is pretty easy. All you have to do is submit the Automatic Mortgage Payment Enrollment Form.

On this form, you will be asked how you wish these withdrawals from your account to happen. You can choose to make payments monthly, two times a month (half total payment), every other week (half total payment), or weekly (a quarter of total payment). Just keep in mind that all these payments are considered partial payments, and until the whole sum is paid, it will not be applied to your mortgage. 

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Why Is It Good to Use Automatic Payments?

There are many benefits in automatic payments, no matter if it is a mortgage, equity loan, or some other type of loan. One of the first benefits is that you will be able to do your budgeting much better and more efficiently. Automatic payments will allow you to split payments among four other accounts. With a weekly or every-other-week option, withdrawals will be applied to your principal, enabling you to pay off your mortgage faster, which naturally leads to paying less interest on your whole mortgage. 

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Who Can Ask For the Temporary Cancellation of the Automatic Mortgage Payments at Wells Fargo?

As you may know, when paying off your mortgage, it is important not to be late. That is why it is good to set up automatic payments. Still, people may end up in a lot of difficult financial situations that force them to stop making payments. For example, you lost a job, or you had some other unexpected expenditures. If you end up in this situation, it is crucial to contact your bank as soon as you realize you can not make the next payment. It is in the bank’s interest to help you pay off your mortgage and avoid foreclosure.

If you find yourself in such a situation, contact Wells Fargo customer service and ask for Forbearance Plan. With this plan, your mortgage payments will be temporarily suspended, allowing you to recover from any financial difficulty you may have. However, you will have new mortgage payments you’ll have to pay until the forbearance period is over. You will also have to contact your bank every month to keep them up to date about your financial situation.