Exciting Updates on our Flexibility Through AutoPay!
We’re all busy with our growing to-do lists. Let us give you one less thing to worry about with AutoPay! Carrington’s AutoPay feature provides flexible options that will help you automate your payments each month.
You can edit your mortgage payment preferences by logging into your account and selecting AutoPay on the left menu.
Monthly auto draft
Monthly AutoPay allows you to select a payment draft date between the first and 16th of the month, as late charges begin after the 16th.
Simply log into your online account and select your date of choice from the drop-down menu.
Semi-monthly auto draft
If a monthly AutoPay isn’t right for you, we offer a bi-monthly AutoPay option. This option does not provide you the ability to select your drafting date. Drafting will occur on the first and 15th of each month allowing you to split your monthly payments into smaller amounts.
Bi-weekly auto draft
Bi-weekly payments allow you to make 13 payments over the course of a year as opposed to 12. While this is not an accelerated payment schedule that will reduce your principal faster, it will shorten the time you make monthly payments towards your loan.
Our bi-weekly AutoPay option begins the third week of the month, meaning that when you first set up bi-weekly AutoPay, you will end up paying a payment and a half on the first month to establish the new payment cycle. From there, you will have a payment drafting every other week, which will equal 13 monthly payments made over the course of the year. Important note: if you elect to add any amount to principal or escrow, you are adding that amount to each draft.
AutoPay: Benefits 101
Just like our paperless option, our AutoPay options are a great way to free up your mailbox or cut down on that stack of bills you’ve got piled up near your office desk. Here are a couple of the benefits of using AutoPay to make your payments:
Improving your credit score
One of the great things about AutoPay is that you’ll never be late making your payment. This will help get rid of the hassle of mailing your check or remembering to pay it online.
Not having late payments can do great things for your credit score, as payment history plays a big role in your credit score. Late payments can stay on your credit history for up to seven years, so set yourself up for stress-free success by enrolling in AutoPay ensuring consistent, on time payments.
Set it and forget it
Carrington’s selection of AutoPay options gives you flexibility in choosing a monthly, bi-monthly or bi-weekly payment schedule that works for you. Make your payments consistent, simple and hassle-free by setting up AutoPay today!
