Understanding US Bank Mortgage Payment Options

Posted on

US Bank Mortgage payment has to be done every month if you loan some money for purchasing a house. Here is the full information about the payment.

Making US Bank Mortgage payment is something mandatory for borrowers of the bank. US Bank, especially the mortgage subsidiary, has helped a lot of people to buy their house by lending them money. To pay off the loan, the monthly payment is set. Here is the full information about making payment for mortgage in US Bank.

Understanding US Bank Mortgage Payment Options

US Bank Mortgage Payment General Information

If you are quite new or this is like your first month of receiving the bill from US Bank, read the general information about US Bank Mortgage payment down below to avoid getting confused.

1. The Monthly Bill

The monthly bill from US Bank will be sent to the borrowers every end of the month. The bill is sent using the mail or digitally via email (sometimes both). Inside the mail, there will be all the essential information about US Bank Mortgage payment, including the total payment and the due date. The bill will also inform the borrowers about the fees and interest rates applied to the payment.

2. Penalty When Paying Late

When a borrower has not cleared up the bill until the due date, or even past the due date, of course there will be penalties. The penalties are including the application of late payment fee. The late payment fee is around 5 to 10% of the total amount of money that has to be paid. The fee will be applied to the next US Bank Mortgage payment bill. If the payment has not been made even 60 days after the due date, there will be heavier penalty of higher interest and new charges on the bill. To avoid these penalties, make sure you clear the bill before the due date.

3. Credit Card and Debit Card

Even though credit card and debit card are quite common these days to be used in any payment, unfortunately US Bank does not have the service to receive payment via credit card and debit card. It means that payment using both credit card and debit card are not acceptable. Do not worry about that because there are still numerous other US Bank Mortgage payment methods that can be done. They are as easy, if not easier, as paying using credit card and debit card.

The Methods Available for US Bank Mortgage Payment

Making US Bank Mortgage payment can be done in many ways. There are several methods of making the payment that are considered to be simple and popular. Down below are some of them.

1. Online Payment

The online payment is one of the easiest methods of clearing the bill. It is a same-day payment method to keep everything on track and on time. To set the payment, you need to the Online Banking website of US Bank. Then, log in to your account and click the option “Make a Payment”. Follow the instructions and eventually you will be shown your monthly bill. Review the payment details and make payment (by previously giving information about your bank account details).

2. Mobile App

US Bank Mortgage payment can be done using mobile app. In this modern day, US Bank realizes that many people relies on their mobile phone to do everything, including clearing up their mothly bill. That is why the bank established a mobile app for the mortgage loan. Borrowers can download the app and use it to maintain everything related to the loan, including paying the bill. The app is available at Android PlayStore and iOS AppStore.

3. Pay By Phone

Making payment via telephone is probably one of the simplest ways to clear up the bill. The customer service officers of US Bank are ready to answer your phone call and accept the payment. Paying the bill using phone is basically giving permission for the bank to make deduction from your bank account and use the money to clear up the bill. To contact the customer service officer of US Bank and make the payment, call 866-485-4545.

4. Pay By Mail

Even though sending cash via mail is considered old fashion, many people still think that this is an effective way to clear up a bill. US Bank, of course, accepts payment via mail. Borrowers can mail the check or cash along with the payment bill or payment coupon to the address of US Bank. The address is at P.O. Box 790408, St. Louis, MO 63179-0408. Keep it in mind that this particular method takes three to seven days to complete, depending on how fast the mail reaches the US Bank address above.

5. Pay Directly at a Branch

There are over 3,100 branches of US Bank all across the nation. If you live nearby a branch, of course the best method to make the US Bank Mortgage payment is by coming directly to the branch. Inside the office, there will be a customer service officer ready to talk to you and ready to take up your payment. All you need to do is handing the cash to the customer service officer along with the copy of the monthly bill. The payment will be processed immediately and your bill is soon cleared.

6. AutoPay

For those who do not want to get bothered by monthly bill, they can set up AutoPay option from US Bank. This payment method is basically deducting money constantly every month from your saving account. The money is used to pay the mortgage bill. As long as the amount of money in the saving account is sufficient, the borrowers do not even have to think about the bill.

This method is perfect to avoid higher interest, late fees, and other penalties caused by late payment. To set up AutoPay, go to the Online Banking website of US Bank and login to your account. Go to the option “Bill Payment” and then select “AutoPay”. Complete the next instructions to finish the setup.

Now that you fully understand about making payment for the loan, you can easily clear the bill every month. Remember to make the payment before the due date to avoid being charged or forced to pay higher interest. After all, US Bank Mortgage payment is easily done in many ways and basically very flexible.