Freedom Mortgage customers can enjoy the convenience of scheduling automatic recurring mortgage payments online. This feature offers you the ability to schedule your mortgage payment on a regular basis. The payment will then be deducted from your selected bank account automatically! This eliminates the need to mail a check or call-in a payment every month. In addition, this service offers you the flexibility to pay monthly, every other week, or twice monthly, depending on your preference.
Follow these simple steps below to set up automatic recurring payments on your loan:
Step 1: In the upper right-hand corner of the screen, click ‘LOG IN’
Enter your User ID and Password, then click ‘Log in.’
If you do not have an account, you will need to create one by clicking the blue link titled Create Your Account.
Step 2: You will be directed to your Loan Overview page.
On the left-hand side, click on Manage Recurring Payments.
Next, you will be directed to the Recurring Payment page.
Step 3: Read the disclosures in full. Once complete, check the box stating, ‘I have read and agree to the above conditions.’
Note: you must scroll to the bottom of the conditions box using the right-hand scrolling bar to complete this step. If you have not scrolled to the bottom, you will receive an error when attempting to check the box.
Once you have checked the box, select ‘Setup Recurring Payment.’
Step 4: Select your preferred automatic payment frequency.
The difference between paying every two weeks vs. twice monthly: Submitting payments every two weeks will lend to one additional annual payment through the course of the year.
Note: The last day to set up bi-weekly or semi-monthly recurring drafts is the 16th of the current month. Payments for the next month must be received by the 15th before the website will allow the customer to set up the draft. This is required to prevent any drafts from being set up after your late charge date.
Example: October’s payment needs to be received by September 15th. Therefore, your payment will be due for November. The next due date will be 45 days away. You can then go online on the 16th and select draft dates for the biweekly recurring draft to start with your November 1st payment.
Step 5: Select the Date you would like automatic payments to begin.
Be sure to select a date that will allow your account to stay in good standing during the month payment is due.
Enter your banking information from the account you would like your mortgage payments to automatically pull from.
You can opt to use either a checking account or a savings account.
In the appropriate fields, enter your:
- Routing Number
- Account Number
- Account Type
Step 6: Your amount due will auto-populate. You have the option to add additional principal and additional escrow amounts to your automatic payments.
Leave fields blank if you would not like to add additional funds to your automatic payments.
Caution: Any additional principal or escrow amount added during this process will be added to all future recurring payments, unless revised.
Once complete, click ‘Continue.’
Step 7: Next, verify your recurring payment.
In the box mid-way down the screen, review the terms and conditions.
Check mark the box that you have read and agree to the above conditions.
Then hit ‘Submit Recurring Payment.’
You have successfully completed the setup of your automatic recurring payments!