Paying your mortgage on time each month is crucial to building your credit score and avoiding late fees. But for many homeowners, remembering due dates and mailing checks can be a hassle That’s why Provident Funding’s online bill pay system can be such a helpful tool With just a few clicks, you can easily set up recurring automatic payments or make one-time payments from the comfort of your home. In this comprehensive guide, we’ll walk through all the key benefits of using Provident Funding’s online bill pay and give you tips for getting started.
Overview of Provident Funding Online Bill Pay
Provident Funding offers an online bill pay system through your online account portal. Once logged into your account, you can conveniently view your mortgage details, make one-time payments, or set up recurring automatic payments.
Some of the key features include:
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Flexible payment options – You can pay by electronic check (ACH) from your checking or savings account for free, Debit and credit card payments are also accepted for a fee
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Recurring payments – Schedule automatic monthly payments so you never forget a payment You control the payment date each month
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One-time payments—If you want to pay off your mortgage early or make an extra principal payment, you can make quick one-time payments at any time.
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Payment history: You can look at your payment history to see when payments were made.
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Notifications that you can customize—Sign up to get emails when a payment goes through or fails.
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Mobile access – Manage payments on-the-go through the Provident Funding mobile app.
Online bill pay is a much more convenient option compared to mailing in paper checks each month. As we’ll outline below, it can save you time, give you more control, and help avoid costly late fees.
Benefits of Paying Your Mortgage Online
Switching to Provident Funding’s online bill pay system offers many advantages that can make your life easier:
Avoid Late Fees
One of the biggest perks of paying online is that it prevents you from ever making a late payment and incurring penalizing fees. When you set up automatic recurring payments, the money is deducted from your account like clockwork each month. No more worrying about going on vacation and missing a payment or having your check get lost in the mail. Online bill pay takes the guesswork out of making mortgage payments on time.
Save Time and Effort
Mailing paper checks can be a chore. You either have to mail it several days in advance or make a special trip to drop it off. With online bill pay, you can schedule payments and complete the transaction in just minutes from your computer or phone. It saves you the hassle of managing paper checks and envelopes every month.
More Flexible Payment Dates
Online bill pay gives you control to choose the payment date each month rather than having to adhere to a fixed due date. For instance, you may prefer to schedule mortgage payments for right after you get paid. The money will automatically transfer on the date you select so your mortgage always gets paid first before other expenses.
Earn Interest Longer
When you mail a check, the money comes out of your account right away. With online payments, the money stays in your account until the scheduled payment date. This allows you to earn a bit more interest on the funds before the payment goes through. Over time, those extra days of interest add up.
Access Payment History
Wondering when you made your last mortgage payment or how much it was for? Your online account makes it easy to view your payment history in one spot. No more hunting for paper statements or cancelled checks. You can log in and check your history anytime.
Get Notifications
By opting into notifications, you can receive automatic emails when mortgage payments are processed or if there was ever an issue with a scheduled payment. Notifications give you peace of mind that payments went through as expected. If a payment fails for some reason, you’ll be alerted right away.
Manage Payments on the Go
Thanks to Provident Funding’s mobile app, you’re not limited to making payments from just your computer. You can pay bills, view your account, and receive notifications no matter where you are right from your smartphone. Mobile accessibility makes online bill pay even more convenient.
As you can see, online bill pay offers lots of benefits compared to old-fashioned paper checks. It’s no wonder why the vast majority of mortgage borrowers have embraced paying online.
Getting Started with Online Bill Pay
If you’re currently mailing checks for your Provident Funding mortgage, here are some tips for making the switch to online payments:
Set Up Your Online Account
First, you’ll need to register for an online account on Provident Funding’s website if you haven’t already. It just takes a few minutes to set up your username and password. You’ll need to provide your mortgage loan number and social security number for verification.
Add Your Bank Account
Next, add the checking or savings account you want payments to be withdrawn from. Double check that you enter the account and routing number correctly to avoid any errors.
Schedule Automatic Payments
Now set up recurring automatic payments through the online bill pay menu. You get to select which day of the month you want payments processed on each month. Pick a date that ensures funds will be available in your account like right after payday.
Make One-Time Payments
In addition to automatic payments, you can log in anytime to make one-time additional principal payments or prepayments using your bank account or debit/credit card.
Download the Mobile App
Take bill pay on the go by downloading the Provident Funding app from the App Store or Google Play. Log in with your online banking credentials to manage payments from anywhere.
Update Your Payment Method If Needed
If you ever need to update your bank account number or switch payment methods, you can easily do so through your online account. Just remember to give it enough time before your next payment.
And that’s it! By following these steps, you’ll be all set up for convenient online mortgage payments.
Tips for Managing Your Online Account
Here are some additional pointers to help you get the most out of Provident Funding’s online bill pay system:
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Log in regularly to check for any notifications or payment confirmations. Don’t just “set it and forget it.”
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If a payment fails for insufficient funds, update your payment method right away to avoid late fees.
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Look out for any email or mobile notifications about failed payments so you can take quick action.
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If your account information changes, update your online profile so payments keep processing smoothly.
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Take advantage of the ability to make one-time additional payments when possible to pay down your mortgage faster.
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Set payment reminders on your calendar if it gives you peace of mind but know automated payments will go through without any action needed from you.
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Contact customer support if you ever have trouble logging into your account or need help updating your payment settings.
Staying on top of your online account and payment details will ensure you maximize all of the convenience and benefits online bill pay has to offer.
Frequently Asked Questions About Online Bill Pay
Many homeowners have questions when getting started with online mortgage payments. Here are answers to some of the most common online bill pay FAQs:
How long does an online payment take to process?
Online payments via ACH/e-check take 2-3 business days to fully process. Debit/credit card payments process quicker, usually within 1 business day.
Can I cancel a scheduled online payment?
Yes, as long as you cancel before 3:00 PM PT on the business day before the payment date, you can cancel an upcoming scheduled payment through your online account.
What if I don’t have enough money in my account on the payment date?
If the payment fails due to insufficient funds, you may be charged a fee by both your bank and Provident Funding for the failed payment attempt. To avoid this, double check your balance beforehand or choose a payment date when you know adequate funds will be available.
Is there a fee to pay by debit/credit card?
Yes, there is a processing fee for debit/credit card payments. Electronic checks directly from your checking/savings account can be paid for free.
Can I set up payments from multiple bank accounts?
No, online bill pay only allows adding one bank account at a time. You would need to swap accounts if you wanted to pay from different accounts.
What if I want to change my payment amount or date?
You can easily edit the payment amount and date anytime through your online account, even for recurring automatic payments. The new details will apply to all future payments.
Hopefully these FAQs help answer any initial questions you might have about getting started with Provident Funding’s online bill pay system. Don’t hesitate to reach out to our support team if you have any other questions come up along the way.
Conclusion
Paying your mortgage online through Provident Funding’s bill pay system can make your life so much simpler compared to mailing paper checks. All it takes is a few minutes to set up
