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Thread: Allotment for Mortgage?

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    #1

    Allotment for Mortgage?

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    DH and I bought our first house in December and we want to do an allotment for the mortgage payment. When we go on mypay, and it gives us the options to set up an allotment, it only has the categories of "dependent" or "savings"... So, I clicked on "savings" and it gives me the option to set up an allotment to another financial institution, but it wants to know if it goes to checking/savings and I don't see any place where I could put in our mortgage account number, etc. So, I'm guessing that's not the right place.

    I guess the other option would be to do an allotment transfer into OUR savings account and then contact our lender to see if they can set up an auto transfer from savings?

    Is there something I'm missing here? Maybe DH just needs to talk to someone in the finance office?
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    #2
    Why not just set up the auto draft from your bank account directly with the lender?

    A lot of mortgage lenders reduce interest another 1/4-1/2% for auto draft from a bank account.

    He can talk to finance, but I think an allotment to savings and then autodraft from savings would be the better option..

    Our mortgage is auto drafted from our checking.

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    #3
    If you want the mortgage to go directly to the company, you'll need their account information. However, I'm not sure if they will be able to distinguish your payment from others, unless it has an identifying piece to it. I only have experience with allotments for rentals, as that is something I helped tenants set up at my previous job.
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    #4
    Quote Originally Posted by TrishAFSpouse View Post
    Why not just set up the auto draft from your bank account directly with the lender?

    A lot of mortgage lenders reduce interest another 1/4-1/2% for auto draft from a bank account.

    He can talk to finance, but I think an allotment to savings and then autodraft from savings would be the better option..

    Our mortgage is auto drafted from our checking.
    this is what we do too.
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    #5
    Quote Originally Posted by TrishAFSpouse View Post
    Why not just set up the auto draft from your bank account directly with the lender?

    A lot of mortgage lenders reduce interest another 1/4-1/2% for auto draft from a bank account.

    He can talk to finance, but I think an allotment to savings and then autodraft from savings would be the better option..

    Our mortgage is auto drafted from our checking.
    I like how allotments split the total amount evenly between both paychecks Makes life so easy. I hate that right now I have to hold back a certain amount from paycheck 1 to re-deposit after paycheck 2 to make the house payment.

    I think I'll see if I can't just do the savings allotment and talk to the lender/bank about doing an auto payment every month.
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    #6
    Quote Originally Posted by Glamorous View Post
    I like how allotments split the total amount evenly between both paychecks Makes life so easy. I hate that right now I have to hold back a certain amount from paycheck 1 to re-deposit after paycheck 2 to make the house payment.

    I think I'll see if I can't just do the savings allotment and talk to the lender/bank about doing an auto payment every month.
    You can still set try to set this up with the lender. You can call them to ask, they can draft it twice a month.

    Or, if they won't, you can tell finance you want $1000 to go out on the 1st and $1000 on the 15th both to savings, and then have the mortgage company pull out the full amount when its due.

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    #7
    I honestly do not suggest setting up an alotment for the mortgage, there is a real good chance your mortgage will change in a year, and you will have to be able to change the allotment in time--- impossible to do because allotments are paid in arrears.

    pay your mortgage one month in advance = transfer 1/2 on the following 15th to your savings the balance on the first and then auto pay.
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    #8
    You're right...I forgot that taxes, home owners insurance, etc will probably change and then my payment will change. CRAP. haha!

    Well, maybe I will do the savings allotment and then see if I can't auto pay from my savings (not sure if they do that or if it has to be from checking?).

    Thanks for all of the replies.

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