One way to make your mortgage payment is to wait for the payment coupon to show up and mail it back. You can still do that if you want, but there are a variety of other options to fit an on-the-go lifestyle.

After that, we’ve got a payment trick that could save you some green.

## Payment Options

Here at Quicken Loans, we have several different ways you can pay your mortgage so you can pick the one that works best for you. And the best part: It’s all totally free.

### On the Web

It’s fairly easy to go online and make a payment for everything from your car to your electricity and taxes. With Quicken Loans, you can do the same thing with your mortgage payment.

A lot of you probably used Rocket Mortgage to upload your documents and set up your loan with us. When it comes time to make your payments, you can use Rocket Mortgage in order to make your mortgage payment.

One thing I want to highlight is that you can also use Rocket Mortgage to set up recurring payments.

Although many people may have it set up so that the payment comes directly out of their bank account through the bank’s online payment system, it may be better to set up automatic payments directly with your lender. Why?

Mortgage payments sometimes change. The amount necessary for taxes and insurance may go up or down every year. The same is true if you’re in an adjustable rate at the end of its fixed period. By setting up an automatic payment through us as opposed to the bank, you can make sure the payment isn’t too low and that you’re not overpaying when your escrow or rate goes down.

### On the Go

Let’s face it. We’re not always near a computer. We lead busy lives taking kids to afterschool activities or heading to dinner with friends. If you find that you forget to sit down and make your mortgage payment, you should be able to do it on your phone.

There’s an app for that. Rocket Mortgage lets you make a payment on your phone just as you can on the website. It’s available for both iOS and Android.

### Give Us a Ring

Maybe you don’t mess with apps or you’re always crunched for space like I am. If that’s the case, you can make your mortgage payment over the phone using interactive voice response by giving us a call at 800-646-2133. All you need is your loan number and bank account and routing numbers. If you have any trouble, someone from our Client Relations team will be happy to help you.

## Making Your Money Work for You

Up to this point, I’ve talked about the different mediums in which you can make a payment. Now I want to tell you how you can get a little more out of your mortgage dollar.

### Biweekly Payments

You may know you can save on interest by paying a little bit extra toward your mortgage payment every month and telling your lender to put it toward principal. What can be hard is establishing the routine. There is an easier way.

Quicken Loans clients can now set up biweekly payments through Rocket Mortgage for free. This means that instead of making 12 monthly payments, you’re making half your mortgage payment every two weeks. You can set it up here. We apply these payments to your loan on a monthly basis.

The first benefit is that your payment becomes more manageable when it’s cut in half. Also, there are 52 weeks in a year. This comes out to 26 half payments or 13 full monthly payments per year.

With only 12 months per year, where does all that extra money go? It gets applied directly to your principal. On a $200,000,.30-year mortgage with a 4% interest rate, the monthly payment is $954.83. If you just made the monthly payment, you would pay $143,738.99 in interest over the life of the loan.

Now let’s take a look at the effect of the extra monthly payment under the biweekly payments option. By putting one extra monthly payment per year directly toward the principal, you save $23,046.60. Also, you cut more than four years off the term. To try out your own scenario, check out our amortization calculator.

Do you have questions about any of our payment options? Let us know in the comments.

If so, subscribe now for tips on home, money, and life delivered straight to your inbox.

My mortgage is $500. If I make a $750 payment on the 15th and another payment of $750 on the 30th would I end up paying less interest vs paying $1500 on the 30th?

Hi Brandy:

I’m going to assume for the sake of this question that you meant to say your mortgage payment was actually $1,500, but then again it doesn’t really matter what the numbers are. Major mortgage investors typically require a servicer like Quicken Loans to put the first-half of your mortgage payment in an escrow account and hold it there until the second half of the payment is received. The full payment is then applied to your loan at the end of the month. We do currently offer biweekly payments. The advantage of that in addition to being able to make your mortgage payment in more bite-sized chunks is that you will end up making one extra monthly payment per year toward your mortgage if you want. The math works out that way because there are 52 weeks in a year. The extra payment can go directly toward your principal, so you end up cutting time off your term and reducing the amount of interest you pay. I hope this helps clarify things!

I meant what I said. My financial situation has changed greatly and I am able to make triple payments on my mortgage. Using hypothetical numbers: $500 Mortgage. Payment on the 15th $750. Payment on the 30th $750. Does that result in less interest than one $1500 payment on the 30th?

Then you are in really good shape. Congratulations!

If you’re going to make triple your payment, it will not matter when you make the payment or whether you split it up because payments are fully applied once the payment is fully received, so as long as you make sure that you specify that any payment over and above the original payment should go directly toward your principal. You would have to declare that the separate $250 and $750 payments should go to the principal, but the timing is irrelevant.

Why does Quicken require an extra month’s mortgage payment be made before allowing bi-weekly payment setup? It is not often that someone would have that much extra at once to pay so this option limits the number of people eligible.

Hi Lisa:

We follow the policies of the major mortgage investors on this one, so it’s up to entities like Fannie Mae, Freddie Mac, FHA etc. I do want to clarify that if you set up your loan with biweekly payments from the beginning, there’s no requirement to be a month ahead in order to stay current. So if you were refinancing or bought a home and started this way from the beginning, there’s no extra payment involved. The problem is that if you made your payment for October and then went on biweekly payments, you would have only made a half of your payment by the time mortgage investors start looking for the full payment on November 1. I hope this helps clarify things!

I tried to do exactly what you just described before the first payment on my new loan and was told that I still had to pay an extra payment ahead. Please clarify this. I am just completing my first month payment by setting up biweekly payments through my bank on my own. I would prefer to have done it through QL.

Hi William:

If your loan was brand-new, you should have had the option to set up biweekly payments at the outset. That’s what I was referring to. However, I’m going to get this to our Client Relations team to look into your situation.

By waiting to post the bi-weekly payments until the end of the month, the mortgage holder isn’t saving as much interest as they would it the payments were posted when made. Can you tell me why the payments aren’t posted when made instead of the end of the month?

Hi David:

We completely understand what you’re saying. However, we have to follow the policies of our mortgage investors including Fannie Mae, Freddie Mac, the FHA, USDA and VA. This is their preference at this time. We’re constantly evaluating new options for our clients and will let you know if anything changes. Have a good day!

Thanks,

Kevin Graham

I would like the option to set up automatic payments twice per month on the 15th and the 30th (dates I get paid) but that is not an option.

Hi Matthew:

While that’s not something that we offer at this time, we are continually evaluating our offerings for our clients. I’m going to get this to our Client Relations team so we get your feedback in front of the right eyes.

That is exactly the same question I had for the same payroll issue. I expected more options from QL than from Wells but I really only get two? I think this twice-monthly payroll is more common than you know. We did this to make forecasting cashflow simpler since we always know how many payrolls in a month or quarter. The biweekly or weekly payroll systems always had us guessing when we did forecasts.

Hi S:

I completely understand what you’re saying. While we don’t offer the option to pay on the 15th and 30th at this time, I’m going to get your request in front of our team. We’re always looking at new options for our clients and this type of feedback is valuable.

Have couple of questions.

1. Can 30 yrs fixed tenure loan be closed in 5 to 7 yrs ?, will there be any penalty apart from the regular closing cost.

Is there a minimum duration we expected to keep the loan active before closing it fully ?

2. Will the closing cost vary due to early closure ?

3. Can we make adhoc payments towards principal apart from the regular scheduled bi-weekly / monthly payments. If yes, is there a limit in number of adhoc payments or total amounts that can be paid per year / loan tenure. Also, if there is a limit in adhoc payments, Will there be any charges if we exceed the limit.

4. Can the regular bi-weekly/monthly payment amounts can be changed frequently (for eg: my monthly payments is $1800.. can i change it to $2500 for couple of payments so that the additional payments are deducted from the principal and then change it back to $1800 after few payments). If this is possible, is there any limits / charges to do so ?

Hi Aka:

I’m going to take these in order:

You can get started online with Rocket Mortgage

^{®}or give one of our Home Loan Experts a call at (888) 980-6716. Hope this helps!Thanks,

Kevin

Kevin,

Thank you for this information. I find this article extremely helpful and all my current questions were answered just by reading the article in its entirety.

-Maya

I’m extremely happy to hear that, Maya! It’s always nice to hear that these things are helpful.

-Kevin

I would like to pay monthly with my charge card to accumulate reward travel points. Can I do this currently?

Thanks

Hi Penny:

Unfortunately, you can’t pay your mortgage with a credit card at this time through Quicken Loans. I’m sorry.

Kevin Graham

What will happen, and how would I go about paying some extra money every month? To try and pay off loan even earlier.

Hi Greg:

In terms of what will happen, you can work toward paying off your loan early, you just have to make sure your lender doesn’t charge a prepayment penalty. At Quicken Loans, we don’t. If your lender does, it will be written in your mortgage contract that it will cost use some amount extra if you pay off your mortgage loan in the first X number of years. That being said, if there’s no penalty or it will have expired by the time you pay it off, you can save money on interest by paying off the loan early.

In terms of how you go about doing this, make sure they know that you want the extra payment to go toward the principal every month so that you’re paying down your loan balance. You do this by putting in an extra payment amount and specifying principle. If you don’t specify, they may put it toward next month’s payment or your escrow, for example. If you’re a Quicken Loans client, these options for extra payment will be available in your Rocket Mortgage Servicing account or on your payment coupon in the mail. Hope this helps!

Thanks,

Kevin Graham

I get paid twice a month, so I would rather make my payments that way . Can I do that? instead of biweekly ?

Hi Richard:

Our payment requirements are set by the major mortgage investors, and this isn’t something we can offer at this time. With that being said, we’ll be sure to keep you updated if that ever changes.

Thanks,

Kevin

you guys are talking about the same thing.

twice a month = every 2 weeks = bi weekly

Hi John:

This is a misconception, but it’s an easy mistake to make. Bimonthly would be saying it was taken out on say the 1st and 15th of every month. With our program, payment is taken out every two weeks. There will always be two times per year when a client has the option to make a third payment. They don’t have to do so, but if they do, this extra half payment goes toward principal. So let’s say you signed up for the program this past July 2. Your next payment would be due July 16 and you would have the option to make an extra half payment July 30. After that, the next payment would be due August 6. I hope this helps!

If you get paid semi-monthly you get paid 24 times per year so bi-weekly payments will be the same as making monthly payments because at the end of the year you would have made 12 full payments.

if i finance my mortgage with Quicken is there a discount for AutoPay?

Hi Paul:

Unfortunately, there’s no discount for auto pay at this time. Thanks for reaching out!

Kevin Graham

Can I just log i and make 1/2 of the monthly payment every two weeks? I do not want automatic payments taken out. I would rather pay when I know I have the money in my account.

Hi Stephanie:

You can absolutely make your biweekly payments manually by logging in. You just have to make sure that the full payment is made by the end of the cycle which is the 16th of each month. Hope this helps!

Thanks,

Kevin Graham

Hi,

I am curious since i have had issues in the past with autopay – with the MyQL can I add external accounts and set up a fixed amount for autopay through the app?

Thanks!

Hi Ted:

You can definitely add external accounts. I can tell you that if something about your mortgage payment changes like your taxes and insurance going up, we would always take the amount due out of the account. It wouldn’t always be fixed. That said, if your escrow did change for any reason, you will be notified and given options of how to make up the shortage. I hope that makes sense.

Thanks,

Kevin Graham

Is there a way to make biweekly payments and have it be paid immediately instead of it being held until the end of the month? Or can I pay the lender directly this way? It seems counter productive to pay biweekly if you’re just going to hold the money to the end of the month when that money could be applied toward principal immediately and save some of the interest for the next two weeks.

Hi Julianne:

Unfortunately, there’s no way to do that at this time. These rules are set by mortgage investors like Fannie Mae, Freddie Mac, the FHA and VA. Very often our hands are tied. I’m sorry.

Thanks,

Kevin Graham

When Quicken Loan will accept credit card for mortgage payment? I am waiting since 2012.

Hi Thu:

I know of no announcements planned at this time with regards to changes in our payment policies. That being said, I’m happy to pass on your feedback. Thanks for reaching out!

Kevin Graham

Can I make the payments by sending in Money Orders for the amount required ?

You can pay by money order, Jessica! Hope this helps!

What about weekly payments. Does quicken loans offer weekly payments?

Unfortunately, at this time, the shortest payment increment we offer is biweekly, or once every two weeks. That said, we can certainly look into your options if you want to get started with Rocket Mortgage or call (888) 980-6716. Hope this helps!

Thanks,

Kevin Graham

So I am guessing that this eliminates the due date, the payment will just be applied for that month?

I can’t try to set it up and see what my payments would be with taxes and interest on the Amortization Calculator. I did divide the payment I have now in half so I am guessing that is what I will be paying.

How do I get it to set it up on the weeks I want it taken out?

Hi Lenora:

I’m going to have someone reach out to you, because there are certain requirements that have to be followed before you can get this set up. However, I can tell you that once you get started, you set the first payment date and the payment is applied at the end of the month.

Thanks,

Kevin Graham

My husband is military and we have a similar option available to us using the allotments. They pull half of the amount each pay period and remit the payment on the first. The only thing I haven’t found was the banking info for you all in order to set this up. Which we need to do before the 5th of September. Any directive is appreciated.

Hi Karie:

First, thanks for choosing us! We look forward to serving you!

As far as your payment information, you should be able to put that in through MyQL, but I’m going to have someone reach out and help you get set up. Look for an email.

Thanks,

Kevin Graham

When making bi-weekly payments are the payments applied bi-weekly or held until the monthly payment is accumulated and then applied? Thanks!

Hi Lynn:

Payment is applied at the end of the month. You make the equivalent of one extra mortgage payment yearly.

Thanks,

Kevin

trying to setup biweekly and the link does not work.

Hi Cindy:

Certain conditions have to be met before you can do it. We would be happy to help you get set up. I’m going to have someone reach out.

Thanks,

Kevin Graham

Can we set up our credit card for the mtg payments every month

Hi Nicole:

Unfortunately, we don’t accept credit card payments to pay your mortgage at this time.

Thanks,

Kevin Graham

Hi Kevin — is there any update on this and do you foresee this option being added in the near future even with an additional fee?

Hi Ivan:

I can’t speculate on the future, but at this point nothing has changed. We don’t accept mortgage payments via credit card.

Thanks,

Kevin Graham

Aw man, that’s a bummer. Just got air miles card and heard mortgage is an awesome way to rack up the points.

Sorry, Corinna. If anything changes, we’ll let you know.

I would love to set up biweekly payments but the feature is not available when I log into My QL. How am I able to get this accomplished?