Mortgage Payment Question

I have my mtge through Astoria Fed. I want to start paying the amount due every month in 2 payments instead of 1, so send in a check on the 15th, and 30th.

I just called them to see how to do this since I am not able to pay online, and we have payment stubs and the girl told me this is not possible????

Anyone else pay twice a month, how do you do it? Do you just send in a check with a note syaing apply to principal, or what else can I do, if anything?

Re: Mortgage Payment Question

you probably can't, if you have coupons. You would have to check your loan documents.

Since I can pay online, I normally pay my normal mortgage payment 1x a month and send an extra principal payment monthlyl thru online bill pay.

Re: Mortgage Payment Question

are you doing this to save interest? It's not twice a month it's once every two weeks for that.

I have astoria too (and I hate that you can't pay online...We push out from our bank instead - the bank sends a check) We send in our payment PLUS 1/12 of our mortgage payment.

ie. $2400 mortgage payment = $2400 +200 = $2600/month.


this has almost the same effect as paying once every 2 weeks.

Mortgage Payment Question

I don't know about Astoria but my bank (Citi) does let me do it if i wanted. They charge a fee for it though (i think it's a few dollars per payment) but in the end, you're still saving money if you're only paying the minimums.