Frequently Asked Questions

Answers to frequently-asked member questions:

How do I make more than one loan payment at a time?

In order for the system to post your payments correctly, if you have more than one payment to make you must make each one separately. For example, if your mortgage payment is normally $1,000 and you want to make two payments, you must do two separate transfers of $1,000 each. (If you tried to transfer $2,000 at the same time, the first $1,000 would make your payment and the rest would go directly to principal only.)

 

Can I pay my mortgage ahead?

It depends on the configuration of the loan category. Some credit unions require one payment per period; others allow the mortgage to be paid ahead a certain number of periods (up to 9 max.) or even unlimited periods. NOTE: Even if you don’t allow members to pay ahead, a payment CAN be made at any time during the month leading up to the due date. For example, if a payment is due June 1, a member can make their payment any day during May.

 

I get paid every week. Can I pay a little toward my monthly mortgage payment every time I get paid?

Yes, but you’ll need to do this via an automatic transfer procedure. Here’s how it works: You transfer money to a specially-designated savings account every week (or any time you want). Then, you set up an Automated Funds Transfer (AFT) that will automatically transfer your full mortgage payment from that savings account to your mortgage loan on (or before) your due date each month.

 

How do I put extra money onto my loan’s principal?

There are two ways to do this: One way is to transfer an amount that includes both your regular payment plus the extra you want to put on principal. When the confirmation message appears, you will see exactly how that money will be applied to principal and all you need to do is confirm that the amounts look right. The second way is to transfer any amount you wish, then when the confirmation message appears, choose the option to put all of the money directly on to principal.

 

 

Link to ID: https://help.cubase.org/cubase/cubase.htm#mortgagefaqg.htm