Man writing a payment cheque at the table with calculator and glasses

As of December 19, 2017, MyQL is now referred to as Rocket Mortgage.

I was 14 when I got my first checkbook and had my first paycheck deposited into my account. This was long before debit cards were a thing, and I remember the guy at the bank sitting down and talking with me about how to balance my account in the little ledger they provided.

I was terrible at it.

I’d write checks for things and forget to write the transaction down, or I’d just wait until I got my statement to figure out how much money I had. More often than not, checks would take too long to clear and I would overdraft my bank account.

When I got my first debit card, I was so glad to not have to pay by check for anything – including my mortgage payment. That’s been the easiest transition for me to make. If you’re still paying your mortgage by check, you may want to check out these reasons why it no longer makes sense and why making the switch to an alternative method like automated mortgage payments could be a good move for you.

Cons of Using Checks

Of all the payment options, checks are the most likely to be used for fraud or identity theft. Checks contain all of the information a nefarious person needs to commit these crimes: your name, address, and account and routing numbers.

There is a long waiting period between when you write and mail the check and when the merchant or mortgage servicer deposits the check. Another problem with sending a check through the mail is that it isn’t as reliable as an automatic online payment. During high-volume seasons, such as around the holidays, your mail can be delayed for an indeterminate amount of time. Or sometimes areas of bad weather can cause the mail to run slower than normal. There have been a couple of occasions during my tenure as a homeowner when my mortgage payment has been late because the mail took longer to arrive than I expected. (Don’t tell my parents!) Since I switched over to paperless statements and recurring payments through my mortgage servicer, I haven’t missed another payment.

Checks can be returned if a signature doesn’t match what’s on file. If you were in a hurry and had to sign something quickly, your signature may be sloppy, and if the bank decides the signature doesn’t match what’s on file, it can reject the payment. You could then be charged late fees. Sometimes, people will postdate checks to save themselves the trouble of writing multiple checks over time. But that doesn’t prevent the checks from being cashed early, which could cause big financial problems if you’re not expecting an early withdrawal from your account.

Easy Payment Alternatives

Setting up reoccurring payments either through your bank or through your mortgage servicer’s website is, in my opinion, the best way to ensure your payments are being made. The payments are automatically deducted from your account when they’re due so you won’t ever have to deal with late fees, missed payments or dings on your credit report.

Even if you pay the bill at the last minute online, you’re still going to save time and money – by avoiding late fees – because online transactions process much faster than mailed ones do.

With automatic payments set up, I can more accurately predict my account balances, which makes planning and saving easier.

With Quicken Loans, setting up automatic payments is free and easy, and the best part is that you don’t have to pay for checks or stamps anymore. The easiest ways to make your bill payments are through your bank, through your mortgage servicer’s site (in our case, on MyQL) or with a third-party payment service, although third-parties usually charge a fee. At Quicken Loans, you can also call (800) 508-0944 and speak with a live representative or use our 24/7 automated payment services to make your mortgage payment for free.  If you’re technologically inclined, you can eliminate cash, cards or checks altogether and use your smartphone to make a payment. We can help you learn more about your digital wallet options.

It’s safe to say that making a mortgage payment online is more convenient than paying by check. Take the leap today and make your life easier by choosing automatic payments.

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This Post Has 15 Comments

  1. My daughter was thinking about getting pre aproved for a mortgage. How long will the preaproval hold?Is there a time limit on it before the preaproval expires?

  2. I am an old man of the old school. I don’t trust intermediaries handling my finances. I like to keep personal control of my money, and keep the accounting of it. I have had my credit card hacked on the internet, I’ve had my job info hacked through the internet, and I’ve had my IRS refund hacked through the internet. Never have had fraud through “snail-mail” checks–which is good enough for me.

  3. I had trouble with automatic payments because I would sometimes forget to list it in my check register. As some others I do not feel comfortable paying on line. I like my paper trail just fine.

  4. Sooo….what’s the difference in paying with a check(either by snail mail or online)
    or the auto pay option using the same bank account????

    1. Hi Mike:

      The only real difference is that if the payment is drafted automatically, you can’t forget to make it. Everything else remains the same.

      Thanks,
      Kevin Graham

  5. The automatic payment service offered by QL worked well for me until I called in one month to request my payment not be withdrawn from my account for that particular month, I would make the payment before the due date. The representative completely ignored my request causing a negative balance to my account. An automated payment was withdrawn from my account on the scheduled day and I made a 2nd payment as I said I would do. I spoke with several really rude, unhelpful representatives who all agreed that I gave the rep the okay to this transaction but none of them would allow me to listen the recording from that conversation. One rep went as far as to say, “i am the head of the department and you’re not getting reimbursed for our mistake. And you are wasting everyone’s time by keep calling”. I felt so disrespected and betrayed by QL. I will never trust or opt-in another automatic payment service, especially QL’s!

    1. I’m sorry you’ve had this experience. We are currently looking into it and someone will be reaching out. Thanks for bringing this to our attention!

      Kevin Graham

  6. Will QL allow automatic credit card payments for my mortgage? This would be a great way to insure the payment is on time every month.

    1. Hi Richard:

      You can’t pay your mortgage with a credit card. Unfortunately, we don’t want the possibility of people building up debt to pay for other debt. What you can do is set up automatic payments through MyQL. Just sign in your account and look for the payment options.

      Thanks,
      Kevin Graham

  7. I am already have a pre-approval from Quicken Loans and still looking for a home in Athens, GA my agent Douglas Weir is great, every time that I have a question he is always available even if is at the end of the day I get a phone call from him and he answers my questions and because I am a first time home buyer he is giving me all the support stand by my side the entire time and guarantee that he is going to be with me until I find a house and close the deal. Douglas has been a fantastic agent with answers and explanations that I don’t know how to work and his patients in order to explain is amazing, I am really happy for having Quicken Loans to back me up on my first home that soon I hope I will find and go thru the process I know that takes time but between my lender agent Douglas Weir and my realtor I am very confident that soon I will be a new home owner. Thank you Douglas and thank you Quicken Loans as well Lynne Zwak my realtor she is great, she is my eyes and ears as Douglas mention, I live in Fort Lauderdale, FL moving to Athens, GA and both are making my life easier .

    1. Thanks, Gil! We’ll make sure this compliment gets to Douglas! Don’t hesitate to reach out if you have any questions, but I’m glad to hear things are going so well!

      1. Your argument against paying with paper checks is weak and self serving. More accounts are hacked online by far, than through mailed payments. This is just a convenience for the business, not a fraud issue. Let’s be clear, hackers and scanners have become the norm in the online world. Mailing a check bypasses these criminals as they do not rifle through mail bags or sneak into post offices, but they are online 24/7 searching for social security numbers, credit card numbers , and personal information. It would be helpful if your articles you post and email to your customers had something more substantive than this paper check vs
        setting up an account to payout mortgages online, serving Quicken Loans and their quest to streamline business operations. You probably will require online payments at some point at which time I will become a former customer.

        1. Hi Mary:

          I understand your argument against paying online. We would never suggest to our clients any payment process that was inherently insecure. That said, we have no plans to stop allowing payments by check. We are committed to letting our clients make payments and engage with us in whatever way they feel comfortable.

          Thanks,
          Kevin Graham

        2. Well said , Mary Christopher .
          I too , have an uneasiness paying bills online .
          Seems like every computer server , corporate , or Gov’t . gets compromised eventually .
          Then , there is always the constant upgrades on pc’s to pay for ….

          Paying by check has worked well for years .
          Also , I have the utmost respect and confidence in the USPS in my area .

          Quicken Loans is cool in respecting our payment options .

          Thanks !

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