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Duh. Why didn't I think of that before??

December 27th, 2013 at 06:36 am

I have wrestled with sending extra snowflakes to the mortgage, and today I finally figured out how and I'm amazed at how obvious it was and how obtuse I must be.

My online mortgage payment portal only allows you to make whole mortgage payments. If you want to send extra to principal, it has to be included with the large monthly payment. That isn't always possible for me, and I have struggled with the how do I put these $13 worth of rebates here, or $20 craigslist sale there to the mortgage balance.

I used to physically go into a branch and have the teller apply it to the mortgage. But it is often difficult to go inside a branch, with two little kids jumping around, and lines, etc.

Well, figured it out. I don't know why I didn't think of it before. I set up a line item in my online bill pay for the mortgage servicer. I sent them a 'payment' of $25 extra, with a note to apply it to mortgage principal. It hit today and it worked like a charm. Now, I can just 'pay' a bill to the servicer for whatever snowflake I have for the mortgage.

Why did it take me so long to try this?? Ugh. All the trouble I could have saved!

5 Responses to “Duh. Why didn't I think of that before??”

  1. creditcardfree Says:

    So glad you figured out an alternative! I'm sure this will help you speed up your loan pay down, too.

  2. beawealthywarrior Says:

    did u set up the bill pay with another bank or the bank that holds your mortgage? I wonder if I can do that because my bank only allows one online extra payment a month.

  3. MonkeyMama Says:

    What????? I am very glad you are not doing that any more. Big Grin
    Our mortgage only accepts one payment per month. I just add all the snowflakes to my projected payment (electronic check register) and pay the inflated amount when the mortgage is due. For example, this month I decided to skip the mortgage payment since I need the tax deduction more for 2014. I will pay it around January 1. But, I already added some snowflakes to the payment a long time ago. I don't have to remember - it's just sitting there in my check register. (I would have long forgotten these snowflakes, otherwise). Just as another idea for anyone else with the same problem. Whatever works, works. I have never been one to waste time at a bank branch (even in the days before internet - then you just did it over the phone).

  4. ThriftoRama Says:

    I don't understand why your mortgage servicer would limit the number of monthly payments or the number of online payments. I've never heard of that before! Our mortgage is with our hometown bank. Maybe that makes a difference.

  5. MonkeyMama Says:

    I used the wrong words. IT's just the same as your bank.

    Our last servicer let us make principal-only payments, whenever, directly on their website.

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