Is your program compatible with
my lender?
Absolutely! We work with your lender to establish
the best method of payment... either an electronic
credit (ACH) or a paper check. So, if your lender
can accept a check from you, you're all set.
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Is it safe to apply on the Internet?
Can I apply offline?
We use a secure encrypted form to protect your information.
While it is safe to apply online we do offer offline
payment options. Simply
print this form and mail or fax it to us.
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What are the fees involved?
There is a one time sign up fee of just $395. There
is also a transaction fee of $3.75 per debit.
If you sell your home or refinance, we will transfer
your account to your new mortgage at no additional
cost.
How are funds withdrawn
or distributed?
Funds are automatically debited from the account (checking
or savings) you choose during signup. The funds are
submitted to your lender every month in the form of
either an electronic transaction or a paper check.
You will receive a welcome package upon enrollment
with the specific dates of your debits and the dates
that the payments are applied to your loan. In addition,
each year you will receive a statement providing those
dates for the coming year.
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On what day is my account debited?
For Bi-Weekly payments we debit every other Friday.
For Semi-Monthly payments we debit on the 1st and
the 16th, or the 5th and 20th.
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Do you offer a Semi-Monthly Program?
Yes, we offer a semi-monthly program as well.
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Does the program work with loans
other than a mortgage?
Absolutely! Our service works with almost ANY type
of loan. Many people enroll their cars, student loans,
first and second mortgages, commercial loans, etc.
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Once I've signed
up, how long does it take before I'm officially enrolled?
It's immediate!
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Do I need to contact my lender
and/or my bank before I use Mortgage Saver?
No! You do not need to notify anyone. Your application
will initiate a direct withdrawal of a Bi-Weekly payment
from your account. Everything is connected through
the Federal Reserve Automated Clearing House. (ACH)
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What if my lender
says they don’t accept Bi-Weekly payments?
There are very few lenders who will accept Bi-Weekly
payments from you, but they will accept payments from
Mortgage Saver. All banks and lenders are members
of the Federal Reserve, so they must follow the Federal
Reserve’s policies for ACH transactions. We even have
direct payment partnerships with many of the nations
largest lenders.
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What if I sell, refinance, or
my mortgage is sold?
Once you have established an account with Mortgage
Saver, you may continue or stop at any time. You may
make additional payments to help pay your mortgage even
faster. If you sell your home or refinance, we will
transfer your account to your new mortgage at no additional
cost.
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How can I be sure
Mortgage Saver has made my payments?
All payments processed by Mortgage Saver will appear
on your monthly bank statement. You can also call
your lender to verify payment.
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How does Mortgage Saver ensure the
security of my account?
All electronic debits are regulated by Federal Regulation
E which protects consumers from unauthorized electronic
debits. (Ask your local bank for further details.)
We are an affiliate member of the Federal Reserve's
ACH division, NACHA, and licensed by the Financial
Institutions Division of the Department of Business
and Industry. All funds are FDIC insured, and we offer
an exclusive unconditional 30 day satisfaction guarantee.
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How can Mortgage Saver
help eliminate my Private Mortgage Insurance (PMI)?
Because you are paying your loan off faster you are
building equity faster. Mortgage Insurance companies
are required by law to eliminate the insurance once
you've reached certain equity levels. Unfortunately,
appreciation is not always taken into account but
the equity you'll gain with the Bi-Weekly Payment
Program is.
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What is Federal Regulation E?
This law protects consumers from unauthorized automatic
debits from their checking accounts. The consumer
has 60 days to dispute any debit taken from their
account. To dispute, simply go to your local branch
and request a dispute. The funds will then be returned
directly to your bank account within 24-48 hours.
Please note that if the dispute was authorized you
may be liable to pay back three times the amount debited
plus any legal and bank fees associated. This law
was designed to protect consumers from automatic debits
that they did not contract for.
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