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Description
Allows you to schedule automatic withdrawals timed to match your paycheck cycle.
Benefits
- Simplifies budgeting by paying your mortgage automatically
- Conveniently enables you to split payments among four different accounts
- Potentially pay off principal faster if weekly or every other week payments are made
- May reduce the total interest paid over the life of your mortgage loan
How it works
Your mortgage payment withdrawals can be set up to match these available payday cycles:
- Monthly
- Twice a month (1/2 total payment)
- Every other week (1/2 total payment)
- Weekly (1/4 total payment)
If you make your payments monthly or twice a month, you’ll make 12 payments in a year. However, if you make payments weekly or every other week, you’ll make 52 or 13 payments in a year, which can help pay down your mortgage faster.
If you choose the weekly or every-other-week option, withdrawals in addition to the amount needed to cover your monthly mortgage payments will occur 2 to 5 times per year. This can help you pay off your mortgage faster, because once your mortgage is paid ahead by one month, any extra withdrawals will go directly to your principal balance. Twice a month withdrawals do not create additional partial payments that can be applied to reducing your principal loan balance.
What you need to enroll
Any checking or savings account
Enrollment options
- Online: Sign on and use the Transfer & Pay tab to Pay WF Accounts.
- By phone: Read and agree to the Terms and Conditions; and call us at 1-866-386-8519.
- By fax: Download and complete the enrollment form (PDF); fax it to 1-866-287-6241.
Convenient online payment features
We have options through Wells Fargo Online® to make paying your mortgage easier.
