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How to Pay Down a Mortgage Online?

Due to the fast-paced lifestyle, many new homeowners are looking for a swift and easy yet secure way of paying their monthly mortgage installments. This made many of those who had recently bought their homes wonder how to pay down a mortgage online.

A mortgage installment can be paid online through the lender’s website if a lender offers this payment option. A borrower needs to sign up (or register) in order to access the payment center and provide their banking and account information. After the payment has been made, it should be processed quickly.

A woman paying off a mortgage online

Do you wish to learn more about online payments and find out what other payment options a borrower can choose from? You’ll be able to find all the answers in the article below.

Online Payments Can Be Made Through Lender’s Website

If your lender offers an option for paying online, it can facilitate the process of paying your monthly installments. However, how you’ll be able to do so depends on the chosen lender. Most of these companies will require you to have an account. Therefore, if you wish to make payments online, your first step would be to register on the lender’s website or sign up for an already existing account.

You will also need to have information concerning your mortgage prepared. In most cases, you’ll need to provide your bank account data and mortgage account number. After you sign in to your account, you should be able to visit the payment center and make your payment.

Why Choose the Online Payment Option?

Online payments are one of the fastest ways of meeting your monthly installments, but even more than that, they are simply convenient for many. With online payments, you can decide when you’re going to pay (as long as you meet a due date) and do so without delay.

Making payments through the lender’s website is also usually free of charge, making this an efficient yet affordable payment method. In the end, keep in mind that online payments are easily trackable, which is very important with monthly payments that are as high as mortgage ones.

Which Types of Mortgage Can You Pay off Online?

There are different mortgage loans. Did you know that you can even mortgage land or, for example, mortgage your car? What kind of loan you will get depends on your needs and possibilities, but also on the loan type available with your chosen lender. If you’re in the home-buying process and exploring different mortgage options, take a look at the table below to learn more about the different types of loans you can pay off online.

Mortgage typeWho can benefit from them?
Conventional loanThose with a good credit score
Jumbo loanBorrowers who have an excellent credit score and wish to buy an expensive property
Government-insured loanThose with low credits score who need lower down payments
Adjustable-rate mortgageBorrowers who need lower payments at the moment but are comfortable with higher installments in the future
Fixed-rate mortgageThose who wish for their monthly payment amount to remain unchanged until the loan is paid off

Home equity and HELOC loans are also considered mortgages since the house serves as an assurance that you will repay your debt. However, rather than buying a house, these loans are used for other purposes (home renovation, paying off debts, and so on).

A person signing a mortgage deed

Other Ways of Paying off Your Home Loan

You can decide to pay off a part of your mortgage lien in person if your lender has a local branch office, and do so with:

  • Cash,
  • Checks, or
  • Money orders ( keep in mind that these usually have a limit).

You can also mail cash, but keep in mind that this type of payment isn’t traceable – if something goes wrong, you won’t have proof that you’ve sent the money. If you’re mailing your payment, the better option is to use checks. However, remember that checks will hold your personal data, which can be misused by identity thieves.

At the same time, note that mailed payments need more time to be processed – you need to send them early enough so you can meet your due date.

Another option is to make a payment over the phone – you’ll be able to find the number online or on your monthly bill. As with online payments, you’ll need to provide banking information and an account number. These types of payments should be processed pretty quickly, but note that they may come with a fee.

With Automated Monthly Withdrawals, You’ll Always Meet a Due Date

With most lenders, you can choose recurring mortgage payments. The payments will be withdrawn from your bank account each month on a date you’ve chosen. If available, this option can easily be set through the lender’s website,

You won’t have to think about payment deadlines or take any action when it comes to paying off your loan – but you need to ensure there is enough money in your account each month.

Payment can also be withdrawn from your credit card (and help you get credit card points). However, not all issuers permit mortgage payments through credit cards. Not only are they not accepted by many lenders, but they can come with additional fees.

A woman using a credit card to pay off a loan

Biweekly Payments Can Help You Pay Off Your Mortgage Early

Automated and online payments are the best options for paying off your loan efficiently. Not only that, but they make meeting your potential biweekly payments easy.

Biweekly payments imply you’ll pay half the amount of your monthly installment every two weeks. Since a year has fifty-two weeks, you’ll be able to make thirteen instead of twelve payments in a year – and reduce your home-buying loan quickly. Biweekly payments can help you get a mortgage deed faster- and online and automated payment methods will make meeting them easy.

 A couple saving to pay off a mortgage early

When Possible, Use Online Payment Method to Your Advantage

If you’re looking for a convenient payment experience, know that online payments can provide you with it – as long as your chosen lender offers them. As you were able to see, the process of making online payments is quite simple. It takes less of your time and energy than many other payment methods.

On the other hand, as opposed to automatic payments, online paying provides you with the possibility of choosing the day you’ll make your payment each month. Overall, it can bring you a lot of different benefits with no downsides – so make sure you make good use of it.