Should I make 3 mortgage payments all at once?

[sookie]

i used to do this with bank of america all the time when my husband taught as a contract. it was the best way - the biggest payments were already out. we did budgeted (estimated so the payments were always the same) utilities so i would do the same for those as well.
we did three separate payments. with bank of america you put in one payment, it processes. you can't put in the next payment until that one processes (24 hours). i would do that.
then i would just have to "worry" about food and extras - at that time we didn't have any car payments. it was very helpful

 

[university]

There is no way I would cut a check for a lump sum. There is too great of a chance the bank would screw it up and you would still end up owing for the next 2 months. Just hold onto the money and pay it normally. The amount you could possibly save on the interest is not worth the headache you could end up with when the bank screws up.

 

[disneymom/teacher]

I too am also a teacher and newly a single mom. When I got divorced I went to my bank (a credit union) and set up what they call a 'Summer Savers Account'. Every payday during the school year a certain amount of money goes directly into this SS account, I cannot touch it. On the 15th & 30th of July and August 1/4 of the amount in the SS account gets directly deposited into my checking account-it's like a paycheck! So I really do not need to worry having enough to pay the mortgage and other bills. I do watch what I spend in the summer. Good Luck!

 

[patsal]

I didn't read the whole thread, so someone may have already answered. So long as you include all 3 payment coupons that will be fine, if you do not then the overage will go to escrow or against your principal balance depending upon your lender. If you mail in all three coupons they will consider it paid through the date of the last coupon.

 

[TheRatPack]

Does it mess with your credit though? I mean will it show that you made a payment every 30 days or will it say you were over 30 on those payments? Not really sure....I know that with our mortgage company you can only make so many payments in a period of time (can't remember exactly how often). I guess I'd just put it in a separate account and have the house payment set up to draft from that account on the dates it was due.

 

[sookie]

Does it mess with your credit though? I mean will it show that you made a payment every 30 days or will it say you were over 30 on those payments? Not really sure....I know that with our mortgage company you can only make so many payments in a period of time (can't remember exactly how often). I guess I'd just put it in a separate account and have the house payment set up to draft from that account on the dates it was due.

no it does not. it shows paid on time. as long as it was applied as payments and not to principal. the big thing here is three separate payments, not a lump sum or one check.