How to pay your mortgage easily

Most home buyers use a mortgage to buy a home. A mortgage can get you the financing you need to close the deal and become the owner of your new home. Then, you’ll repay the loan over the long term. It’s important that you make your mortgage payments on time to avoid late fees and damage to your credit score.

Luckily there are several different payment options available that can help make on-time payments easy and convenient. Here’s a look at some of the different methods for making mortgage payments to help you decide which one is right for you.

Mortgage payment methods: At a glance

Since you'll be making a mortgage payment every month over the life of your loan, it’s important to know your payment options. Here are some of the ways you can pay your lender and the advantages and downsides that come with each.

Pay your mortgage online

As long as you have access to a computer, phone, or tablet, paying your mortgage online gives you the flexibility to make payments when it’s convenient for you. Making online payments can be simple, efficient, free, and trackable. If you want to see confirmation that your payment has been processed and a record of your payment history, your lender’s online portal will make it simple.

If you’re a Rocket Mortgage^® client, you can simply sign in with your username and password to make a payment or manage your account.

Some lenders or banks may ask you to provide information like your mortgage account number, along with the routing number and account number for the bank account you would like to make the payment from.

Make manual online payments

Some homeowners prefer to make their mortgage payments manually so they can decide exactly when the money will be withdrawn from their account. Manual payments can either be made immediately or scheduled for a specific date.

This can be a helpful option if you want to control the timing or your payment and make sure there are sufficient funds in your account. However, it comes with the additional task of having to remember to make your payment before it’s due.

The online payment portal and mobile app from Rocket Mortgage help make paying your home loan quick and simple. You can save your bank details so you don’t have to enter your account numbers each time you make a payment. If you have any trouble, you can also make payments through our online chat feature.

Set up automated withdrawals

If you don’t want the pressure of having to remember to make your mortgage payment each month, you can also set up automated withdrawals. With this option, your mortgage payment will be automatically withdrawn from your checking or savings account on the same day each month. This can help ensure that you don’t incur any late fees or miss any payments.

To take advantage of automatic withdrawals, visit your lender’s website to set up your payment information and choose a payment schedule. Autopay will also automatically adjust changes to escrow.

Let’s say you’re a Rocket Mortgage client who missed your payment due date. After the grace period, which ends on the 16th of the month, your mortgage payment will be considered late and you’ll be charged fees. But if you had set up automatic payments, your mortgage would have been paid on time without you having to take action.

Pay your mortgage over the phone

If you’re unable to use the online methods, paying your mortgage by phone is another easy way to ensure an on-time payment.

You can find the phone number of your lender online and on your monthly bill. Once you call the phone number, a live representative or automated system will instruct you to follow directions. Be prepared to provide your banking information and mortgage account number.

Rocket Mortgage clients can reach our automated phone system at (800) 646-2133.

Before paying by phone, be sure to ask the lender if there is an extra servicing fee for using this option. At Rocket Mortgage, there is no additional fee.

Pay your mortgage in person or via mail

If your mortgage lender is local, the company may allow you to submit payments by check or money order in-person or through the mail.

Rocket Mortgage clients can mail their payment to the following address:

Rocket Mortgage
P.O. Box 6577
Carol Stream, IL 60197-6577

A check is a dependable method, but it’s not immune to fraud. Keep in mind, checks contain information such as your name, address, checking account number, and routing number, all of which would be valuable to a scammer. Mailed checks also take time to be delivered so they’re not the most reliable option to send a mortgage payment.

If you’re unfamiliar with money orders, they’re a form of secure payments that don’t include personal information. The downside is that money orders typically have a limit of $1,000. According to the 2024 data from the U.S. Census Bureau, the median mortgage payment is $2,225. So, money orders may not be the best option for most homeowners.

How to pay off your mortgage faster

If you can afford to pay off your mortgage sooner, it can help you save big on interest and build equity faster. One of the simplest ways to pay off your mortgage early is by setting up biweekly payments.

Rocket Mortgage clients can set up biweekly payments at no additional cost. Every 2 weeks, you would make a half payment, which is applied to your loan when we receive enough to satisfy a full contractual payment. Because of the calendar, there will be 2 months when you make three half-payments. This third payment is applied directly to your loan principal and amounts to one extra payment directly toward your mortgage balance each year.

In order to set up biweekly payments, you'll need to be a month ahead on your mortgage payments. Then you'll select a date between the 1st and 14th of the month and the second half of your payment is made 2 weeks after the initial date. Payments will be made every 2 weeks going forward.

Here are some other ways you can pay down your mortgage sooner:

• Larger monthly payments
• An extra lump-sum annual payment
• Extra principal payments when you can
• Cash-in refinance

Before you make any extra payments, it’s important find out if your lender charges a prepayment penalty. You’ll also want to confirm with your lender that the extra funds will go toward paying down your principal balance.

FAQ about ways to make mortgage payments

Here are the answers to some frequently asked questions about paying your mortgage.

Can I pay my mortgage with a credit card?

Most mortgage lenders won’t accept a line of credit as a method of payment. Even if you find a way to make a mortgage payment with your credit card, it’s not recommended as it can cost you more in fees and interest.

Credit card companies typically charge higher interest rates. And even if you’re trying to earn rewards points or cash-back incentives, if you’re unable to pay off your balance at the end of the month, you could be paying double interest on your mortgage.

What happens if I’m late making my mortgage payment?

Many lenders offer a grace period following the date that your mortgage payment is due - often lasting 2 weeks. Once the grace period is over, you can expect to be charged late fees and for the late payment to be reported to the credit bureaus. Frequently missed payments and mortgage delinquency can result in mortgage default, foreclosure, and the loss of your home.

What should I do if my bank for automatic withdrawals changes?

If you decide to change banks, be sure to notify your lender by updating your account information on their online portal. Doing so promptly can help you avoid issues when your next payment is due.

How soon is my mortgage payment credited to my account?

Your mortgage payment is typically credited to your account the same day payment is received from your bank. Direct transfers from online payments are often credited on the same day. This can take longer if you are paying by check in the mail.

What should I do if I can’t make my mortgage payment?

If financial issues arise and you are unable to make your mortgage payment, it’s important to contact your mortgage servicer promptly. Communication is key, as your servicer can walk you through relief options such as a loan modification, forbearance, refinance, or another type of repayment plan.

The bottom line: Choose the right method for easy mortgage payments

There are several different ways you can make your mortgage payment each month and avoid any late or missed payments. The easiest way is often making payments online – either manually or with automated, scheduled payments. If you prefer to go the old-fashioned route, you might like paying in person or by mail.

Have more questions about your home loan payments? Be sure to read our tips for paying off a mortgage early to learn more about the benefits of building up home equity.