Mortgage payments not posting.

momcjb

I pay extra each month to payoff house off early, but the mortgage company is not posting the payment until the 7th or 8th of each month,:mad: but they auto debit my account on the 1st of the month. Can they do that? Can I make them correct it and show that payments are paid on the 1st? :j Thanks to anyone who can help.

MarkyMarkD

Whether it makes any difference or not depends whether your account interest is calculated on a daily, monthly, or annual rest basis.

Assuming that it's monthly or annual, you are worrying about nothing.

But, assuming that it's daily, you have a good point.

Are you definitely paying the extra amount by DD and not BACS (Standing Order)?

If it (a) is daily interest and (b) is being taken by DD, not BACS, then you should follow it up with your lender and I can't see why they would mis-report the date the funds are received.

But if you aren't actually paying by DD, then the payment delay is a fact of life of the current BACS system and there's nothing you can do about it. But when "faster payments" comes in next year, the problem will go away.

momcjb

I pay it twice a month on one of those program that is suppose to pay off early. They auto debit my checking account. A total of $300 extra monthly goes towards the principal. I thought I may just stop the program and do it myself. It charges $6 each month to do it. When I started I was not able to go directly to their web page to make the payment. But now you can add an external checking account and pay it yourself. This bank is in a different state then where I live. I'm trying to pay of fthe mortgage in next 6yrs. Would like to have the option to retire early if I want to.