Most lenders offer a number of ways for you to pay your mortgage. They may include:
Automatic Withdrawal: The payment is automatically deducted from your checking account at a set time each month. It makes life easy on you since you don’t have to worry about mailing in or going online to make a payment. However, you do need to make sure that there is enough money in your account to cover the withdrawal. You should also verify the day after the scheduled withdrawal date that it actually did take place. To sign up, ask your lender for an enrollment form.
Online: You can either set up an automatic bill pay online through your checking account or provide your lender with your checking account information allowing a monthly automatic debit. Some lenders may allow you to set up a biweekly automatic debit but this depends on the lender.
Mail: If you cannot pay online or do automatic withdrawal, you will likely use the U.S. postal service each month. If your lender gives you a mortgage coupon book, be sure to include the appropriate coupon with the payment. Unlike most tax bills, the mortgage payment must be received by the due date, not the postmark date.
Phone: As with paying online, paying by phone eliminates the wait time that comes with sending a check through the mail. However, many lenders charge a fee for this service. This option is usually best reserved for situations where the payment will be late if you send it through the mail and you are unable to pay online.
Wire: Wiring money is another way to quickly pay your lender. But since wiring companies do not offer their service for free, this is an expensive option to use on a regular basis.
Local Branch: If your mortgage is with a bank or credit union that has branches nearby, you may be able to make your payment there.