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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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mortgage through chase - no bi monthly payments?
i wanted to change mine and called my branch..they said they don't do this.
just wanted to be sure that the lady i spoke to was right. 
anyone know this for sure?
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Posted 12/9/15 9:32 AM  |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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mortgage through chase - no bi monthly payments?
When our mortgage was with Chase they did but, they charge you more to do it that way (as does Citi and Wells Fargo who we are with now).
I just put a little extra towards principal each month and it equals an extra payment each year.
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| Posted 12/9/15 9:38 AM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: mortgage through chase - no bi monthly payments?
We are with Wells Fargo and aren't charged any more to make a bi-monthly payment. The money comes directly out of my checking account every two weeks when I get paid.
My sister was with Chase and when she refinanced she was told that they don't offer bi-monthly payments. She ended up going through Wells Fargo for her re-fi because of it and isn't charged anything extra either.
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| Posted 12/9/15 9:44 AM |
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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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Re: mortgage through chase - no bi monthly payments?
thank you!
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| Posted 12/9/15 9:48 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19460 total posts
Name:
L
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Re: mortgage through chase - no bi monthly payments?
Posted by ali120206
When our mortgage was with Chase they did but, they charge you more to do it that way (as does Citi and Wells Fargo who we are with now).
I just put a little extra towards principal each month and it equals an extra payment each year.
Wells Fargo does NOT charge for biweekly payments. Link to where it says no costs
Message edited 12/9/2015 10:26:47 AM.
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| Posted 12/9/15 10:25 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: mortgage through chase - no bi monthly payments?
Posted by LSP2005
Posted by ali120206
When our mortgage was with Chase they did but, they charge you more to do it that way (as does Citi and Wells Fargo who we are with now).
I just put a little extra towards principal each month and it equals an extra payment each year.
Wells Fargo does NOT charge for biweekly payments.
That's good to know - we got a letter saying that there is a fee collected for it. We've gotten in with every mortgage lender we've used (we've refinanced 2x for better rates and our loan has been sold a few times).
I find it easier just to pay a little extra each month.
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| Posted 12/9/15 10:27 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19460 total posts
Name:
L
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Re: mortgage through chase - no bi monthly payments?
I edited my post to show you where the Wells Fargo sites says no costs for bi weekly payments. I was worried you got scammed by a third party processor who will send people letters saying we can get a bi weekly payment for your mortgage with a fee. Wells Fargo does not have a fee for this.
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| Posted 12/9/15 10:29 AM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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mortgage through chase - no bi monthly payments?
I have M&T. I broke up an extra mortgage payment by 12 months so 1900/12 and add an extra $159 a month to the payment. We also will make one extra $1900 payment during tax season. We can't do biweekly payments so I have a mortgage account I pay biweekly and write the check from there
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| Posted 12/9/15 11:09 AM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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mortgage through chase - no bi monthly payments?
When you sign up for the bi-weekly payment, you are undertaking an additional contractual obligation to the bank. You can accomplish the same by paying extra interest each month without taking on any additional obligations.
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| Posted 12/9/15 11:15 AM |
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SusiBee
. . . . .
Member since 3/09 8268 total posts
Name:
S
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Re: mortgage through chase - no bi monthly payments?
Posted by Pumpkin1
When you sign up for the bi-weekly payment, you are undertaking an additional contractual obligation to the bank. You can accomplish the same by paying extra interest each month without taking on any additional obligations.
You should apply the extra to principle, not interest.
Reducing your priciple amount decreases the interest chargeable.
I round up every month, and that equals to an extra payment for the year.
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| Posted 12/9/15 11:30 AM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: mortgage through chase - no bi monthly payments?
Posted by SusiBee
Posted by Pumpkin1
When you sign up for the bi-weekly payment, you are undertaking an additional contractual obligation to the bank. You can accomplish the same by paying extra interest each month without taking on any additional obligations.
You should apply the extra to principle, not interest.
Reducing your priciple amount decreases the interest chargeable.
I round up every month, and that equals to an extra payment for the year.
You are absolutely correct, I meant to write principal.
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| Posted 12/9/15 11:39 AM |
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MrsMango
LIF Infant
Member since 8/14 231 total posts
Name:
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mortgage through chase - no bi monthly payments?
My mortgage is through Bethpage Federal Credit Union and I can not make bi-weekly paments either. I spoke with someone at the bank & they told me their program is not set up for this but a lot of customers want it so it is something they are working on.
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| Posted 12/9/15 11:52 AM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: mortgage through chase - no bi monthly payments?
Posted by LSP2005
Posted by ali120206
When our mortgage was with Chase they did but, they charge you more to do it that way (as does Citi and Wells Fargo who we are with now).
I just put a little extra towards principal each month and it equals an extra payment each year.
Wells Fargo does NOT charge for biweekly payments. Link to where it says no costs
Yeah... But what I learned was that the payment is basically held and that you aren't saving on interest by paying bi weekly... They apply it all at once when due... Pretty sucky if you're trying to save on the interest.
Message edited 12/9/2015 4:45:27 PM.
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| Posted 12/9/15 4:44 PM |
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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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Re: mortgage through chase - no bi monthly payments?
im actually interested in it just because my bills are heavy in the beginning of the month and i just wanted to even stuff out.
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| Posted 12/9/15 5:04 PM |
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3girls1dog
LIF Adult
Member since 10/09 929 total posts
Name:
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Re: mortgage through chase - no bi monthly payments?
I started it about 2 years ago with Quicken loans. The start up was the worst because I had to make my mortgage payment and then the biweekly payments the same month but now I love it.
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| Posted 12/9/15 7:45 PM |
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LotsaLuv
Us
Member since 6/10 4094 total posts
Name:
F
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mortgage through chase - no bi monthly payments?
I am with Astoria and they do not do it either. I just pay extra every month toward the principal.
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| Posted 12/9/15 8:08 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: mortgage through chase - no bi monthly payments?
Posted by ali120206
When our mortgage was with Chase they did but, they charge you more to do it that way (as does Citi and Wells Fargo who we are with now).
I just put a little extra towards principal each month and it equals an extra payment each year.
That's what we do, there is no pre-payment penalty in NY for mortgages, so in theory you could come into a ton of money tomorrow and pay it all off at once. We've been in the house for almost 4 years, and have knocked something like 3 years off of our 30 year mortgage.
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| Posted 12/9/15 8:35 PM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: mortgage through chase - no bi monthly payments?
Posted by MaZz
Posted by LSP2005
Posted by ali120206
When our mortgage was with Chase they did but, they charge you more to do it that way (as does Citi and Wells Fargo who we are with now).
I just put a little extra towards principal each month and it equals an extra payment each year.
Wells Fargo does NOT charge for biweekly payments. Link to where it says no costs
Yeah... But what I learned was that the payment is basically held and that you aren't saving on interest by paying bi weekly... They apply it all at once when due... Pretty sucky if you're trying to save on the interest.
We did this with Wells a couple of years ago. The bank does not charge, but They were holding the first half payment and applying the whole thing when they receive the second portion. They held it as unapplied funds,it made no sense and we cancelled.
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| Posted 12/10/15 7:47 AM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Re: mortgage through chase - no bi monthly payments?
Posted by Dani
im actually interested in it just because my bills are heavy in the beginning of the month and i just wanted to even stuff out.
I know it's hard but try and do a separate savings act- I have heavy bills in the beginning of the month too- so like right now I have my mortgage money by mid month for the following month. I just pay the savings act by weekly and then write a check from there for the 1st when the mortgage is due. By the time the check goes out for the month, there is already the next half of payment for the following month in there
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| Posted 12/10/15 7:50 AM |
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