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I am active duty and would like to have my mortgage payment taken directly from my paycheck…one less bill to have to pay. Can I do that online or do I need finance to do it? Also, what information would I need about my loan or from my lender to set it up…acct number obviously, but anything else?

3 Thoughts on How do I set up my mortgage payment on a military allotment?
  1. Reply
    May 1, 2011 at 12:42 am

    You’ll need all the account information and the address of your mortgage holder. I’ve been out of the military for too many years now to know how they do it. My husband is still active duty and I know he can do some things online, but I really don’t know what all is available online. Call your finance office and they’ll help you.

  2. Reply
    Aloha Guy
    May 1, 2011 at 1:30 am

    I’m an ex FINANCE and ACCOUNTING OFFICER and don’t recommend ALLOTMENT for MORTGAGE purely bec your monthly MORTGAGE PAYMENT AMOUNT can vary in later years as result of changes from PROPERTY TAX INCREASES and HOMEOWNER INSURANCE PREMIUMs going up. I have owned 3 homes and Your Mortgage company often sends letter updating you on changes in escrow and when your MORTGAGE PAYMENT will say increase. Well, let’s say you didn’t notify Finance & Accounting and now they send incorrect lower than required mortgage payment and HOPEFULLY you see the problem when you find out problem 60 days down the road and it reflects on your now bad credit report.

    There is other solutions: My wife and I simply have set up separate joint Credit Union Account (recommend Money Market Savings Acct that has highest interest rate) and make replenishment deposits and this MMSA account strictly pays our monthly mortgage. Sorry I’m lost how we set it up but believe you must contact your MORTGAGE COMPANY for automatic payments bec we also have the ELECTRIC BILL and WATER BILL be autimatically deducted from a different joint checking account…

    Hope the Above Info Helps & Best of Luck!

  3. Reply
    May 1, 2011 at 1:51 am

    Listen, Never under any circumstances give the CONTROL OF YOUR MONEY to an institution, a bank or such. Set up an online banking account so it will send reminders to your email or account each time you log in.

    If you set yourself up to pay through online twice a month you will payoff your house sooner.

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