In the time that it takes to write one check, you can set it up with your bank and never have to do it again. You won't have to write checks, envelopes or buy stamps anymore. You'll save time, money and benefit in other ways too.
Establishing the practice of auto bill pay could run the risk of overdrawing an account and incurring overdraft charges. Monitor your bank account to be sure that you have enough cash to cover your automatic payments.
Schedule the Auto Pay to allow for processing and the time it takes to reach the lender so that you don't incur late fees.
And even though, you set up the Auto Pay, it is still your responsibility to monitor your bank account to see that they are executing it properly. If you are making additional principal contributions, you must see that the extra amount was indeed applied to principal reduction and not somewhere else like in the escrow account.
Some banks offer email or text reminders to let you know when checks are about to be written or if your balance is low.
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Bob is dedicated to offering the finest real estate service available in the Lake Geneva area. He attempts to make each buyer or seller he works with feel like they are the one and only client he has and strives to make each transaction a pleasurable experience with the least amount of problems, stress, and inconvenience to them.