Flexible Automatic Payments FAQs
Flexible automatic payments FAQs
Are my payments applied to my mortgage when I pay them?
Partial payments are held and will show up as “unapplied funds” online and on your statement. They will get applied as a monthly payment when we have enough to satisfy the total monthly payment amount due.
Will my loan get paid off faster?
If you are on “Every two weeks” payments you will, on average, make 26 half payments in a year which accounts for an additional monthly payment. These “extra” payments would be applied to the principal in the month it occurs. This allows you to pay off your mortgage faster than if you were to make your payment monthly or twice a month.
What are the differences, other than timing, between paying twice a month or every two weeks?
The “Twice a month” option splits your monthly payment in half and is debited on two different days you designate per month. The “Every two weeks” option splits your monthly payment in half and usually twice per year you will be making three half payments in a month. These extra half payments will get applied to principal and reduce your balance more quickly than if you were to pay monthly or twice a month.
Can I determine the days I want my payments to begin?
Yes, the “Twice a month” payments can be made on two selected days per month that are at least 10 days, but not more than 15 days apart. The “Every two weeks” option debits once every other week on the same day (i.e. every other Friday). Our payment calendar on chase.com will help you set up your automatic payments.
Are there additional costs to set up these flexible payments?
There are no fees to enroll in this program.
Can I enroll in flexible payments if my account is paid ahead?
Yes, but not if it is paid ahead more than two months.
If my account is past due, can I enroll in flexible payments?
No, you need to be current on your payments to enroll.
Can I add additional principal when setting up flexible automatic payments?
Yes, you can add additional principal when setting up your flexible payments on chase.com. These additional payments would be per payment if you are setting up “Twice a month” or “Every two weeks” payments.
Are flexible payments available for all types of loans?
Enrollment in “Twice a month” and “Every two weeks” payment plans are not available for the following products: Home equity loans and lines of credit, option ARM, interest-only, daily simple interest, construction, mortgage prime rate, piggyback, annual and quarterly mortgage loans. These products are still eligible for monthly automatic payments.