couple paying bills online

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.

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This Post Has 39 Comments

  1. 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.


    1. Hi Penny:

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

      Kevin Graham

    1. 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!

      Kevin Graham

    1. 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.


      1. 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!

  2. 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.

    1. 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!

      Kevin Graham

  3. 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?


    1. 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.

      Kevin Graham

  4. 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.

    1. 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.

      Kevin Graham

    1. 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

    1. 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!

      Kevin Graham

  5. 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?

    1. 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.

      Kevin Graham

  6. 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.

    1. 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.

      Kevin Graham

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

    1. Hi Lynn:

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


    1. 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.

      Kevin Graham

    1. Hi Nicole:

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

      Kevin Graham

      1. 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?

        1. 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.

          Kevin Graham

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

  8. 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?

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