More Choices How to Pay
You now have the option to choose a Flexible Drafting Service that allows borrowers to make partial payments and apply these payments as a full payment once per month. This is a payment service that does not modify the terms of the original note.
Payments can be made semi-monthly or bi-weekly.
To use this feature Automatic drafting will be set up from one or two of your financial accounts.
- Semi-monthly-drafting - two (2) payments equaling 50% of the total monthly payment can be scheduled for drafting on the 1st & the 10th of each month or the 5th & 15th of each month. If either of those days falls on a weekend or holiday, the draft is made the next business day.
- Bi-weekly drafting will occur every two weeks resulting in twenty-six (26) half payments, made over the course of the year. All payments made in excess of twenty-four (24) payments per year will be applied to the outstanding principal balance of the loan. A full monthly payment is required before the start of service.
- Borrowers can specify up to two (2) bank accounts. The accounts can be with different financial institutions provided the payment is split equally.
- Flexible Drafting provides borrowers the option to have multiple mortgagors/payers and to schedule the drafts to coincide with their pay schedule.
- No monthly ACH fees are charged to the borrower.