Mortgage Payment FAQs
Q. How do I find my mortgage balance?
Your previous day's mortgage balance is available through Internet Banking
or through Telephone Banking anytime 24/7. During office hours, you can ask for your balance at any branch office
, or you can contact the Call Center
Q. How can I make my monthly mortgage payment?
You have many options:
- Telephone Banking
- Automatic payments (ACH)
- The Call Center personal phone service
- Mailed check with or without a payment coupon
- In person at the Teller line in any branch office
Q. Can I use Internet Banking to make payments from my checking, savings, or money market account at the credit union?
A. Yes. You can use the Account Transfer feature, found on the orange menu bar under "Move Money" - the same as for transferring funds between accounts. Or you can use the Scheduled Transfers feature to schedule your monthly payment on the exact due date or a day of your choice. Be sure to allow two business days for processing so you don't make a late payment.
Q. Can I use Telephone Banking to make payments from my checking, savings, or money market account at the credit union?
A. Yes. Use this voice command: "make a loan payment." Your mortgage loan number will be 190 or higher.
Q. When can I make my mortgage payment?
A. You can make your monthly payment at any time; payments are due on the first of each month and a late charge is assessed after the 15th of each month. You may use Telephone Banking or Internet Banking. If you are mailing a check, be sure to allow several days for U.S. Mail delivery to the Credit Union and for processing of your payment so that you don't incur a late payment fee.
Q. Can I make additional payments to the principal amount of my mortgage?
A. Yes. Additional principal payments can be made at the time of your regular monthly payment.
Q. Can I make payments on my credit union mortgage from a different financial institution?
A. Yes. We can assist you in arranging mortgage payments drawn from another financial institution. Please visit any branch office to sign an authorization form.
Q. How can I make an additional escrow payment?
A. This is a rare request, so at the time of your monthly payment, please instruct us in writing of the amount you wish to be credited to your escrow account. Otherwise, any additional amount in a monthly mortgage payment will be applied to principal of your loan. Visit a branch office for assistance.
Q. Why do I need to make a full payment each month?
A. Your mortgage is an amortized agreement/contract. The monthly principal, interest, escrow, and fees, if any, are all due at the same time. Partial payments will not be accepted, which could result in a late payment fee.
Q. Can I pay off my mortgage using Internet Banking?
A. No. If you pay off your remaining mortgage balance using Internet Banking, there may be additional funds required or a refund for the actual payoff amount. Please contact Mortgage Services at 505-855-5950 (800-347-2838 outside the Albuquerque area) if you wish to pay the full balance of your loan.