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Old 11-15-2009, 05:43 AM
 
983 posts, read 3,483,594 times
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I just refi'ed from Countrywide to Bank of America (BAC), which are now the same company.

With my old countrywide, I elected payplan 12 (automatic payment) through their website. I tried to set up payplan 12 thru Bank of America but I can't find the option. The only 3 payment options that I see are web pay, bill pay, and transfer.

If you have payplan set up, can you check whether it's accessible thru the website?

I think I don't have access to the payplan either because

1. it's a new loan
2. BAC is undergoing website change
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Old 11-15-2009, 08:32 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
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Wait until you receive your first mortgage statement. It's on the back. Fill it out and send it in with your check. The next plan should come out on autopay
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Old 11-15-2009, 10:32 AM
 
105 posts, read 104,210 times
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I have been using BofA automatic payments for years with no problem. You should be able to find it on the web site, but if not, pick up the phone...!
I have my plan set up to withdraw extra principal every month. When the loan resets every year, they never show that I pay extra principal, so I always call and make sure they are withdrawing the amount I want. Customer service is very responsive to phone calls, and you have an immediate answer.
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Old 11-16-2009, 11:35 AM
 
983 posts, read 3,483,594 times
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Quote:
Originally Posted by Ginagirl View Post
I have been using BofA automatic payments for years with no problem. You should be able to find it on the web site, but if not, pick up the phone...!
I have my plan set up to withdraw extra principal every month. When the loan resets every year, they never show that I pay extra principal, so I always call and make sure they are withdrawing the amount I want. Customer service is very responsive to phone calls, and you have an immediate answer.
I already called BAC to set up payplan 12. But I don't see this option online.

My guess is that it's a new loan and the system has not been updated yet.
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Old 11-16-2009, 03:57 PM
 
Location: New York
2,251 posts, read 4,161,023 times
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FYI - on a 30yr loan, one extra payment a year knocks about 7.5yrs off your mortgage (add 1/12th into your normal monthly payment). The "net Effective" interest rate is lowered 2%, and the best you get reported as more responsible, and your credit score goes up!!!!!

Years from now you will look back and be glad you did this..... What you do today will make to person you are going to become tomorrow.....

My $00.02
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Old 11-16-2009, 04:59 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
Reputation: 8078
I worked at Bank of America and left just a bit over a year ago. The reason I suggested the OP wait for her statement is because many time the servicing department would not have up-to-date info on new loans. I am also assuming the OP was just looking for the auto draft feature, not a bi-monthly plan as the poster above suggests.

Quote:
FYI - on a 30yr loan, one extra payment a year knocks about 7.5yrs off your mortgage (add 1/12th into your normal monthly payment). The "net Effective" interest rate is lowered 2%, and the best you get reported as more responsible, and your credit score goes up!!!!!

Years from now you will look back and be glad you did this..... What you do today will make to person you are going to become tomorrow.....

My $00.02
The bi-monthly has a set-up fee of approximately $350 and gives you the equivalent of one extra P & I payment a year, therefore, reducing you principal balance quicker. You can do this on your own (and save yourself the setup fee), if you are disciplined and can remember toi do this every year.

I disagree with the statement your credit score will improve because of the bi-monthly mortgage. Credit is scored primarily on revolving credit, but will hit you hard if you are late on a mortgage payment. Prepaying will have a minimal impact. If you want to prepay something, hit your revolving credit first.
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Old 11-17-2009, 08:47 AM
 
983 posts, read 3,483,594 times
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Quote:
Originally Posted by acegolfer View Post
I already called BAC to set up payplan 12. But I don't see this option online.

My guess is that it's a new loan and the system has not been updated yet.
Pay plan is no longer available from the website. Here's the email that I received.

Dear Homeowner:

Thank you for your recent Internet inquiry addressed to the Customer Service Department.

Please be advised that due to privacy and security reasons, you will no longer be able to view the PayPlan details over our website. We sincerely apologize for any inconveneince this matter may have caused you.

For any further assistance regarding PayPlan service, you may contact our Customer Service Department directly at 1-800-669-6607.



So whenever I need to change the extra payment amount, I need to call them to update the information. How inconvenient.
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Old 12-04-2009, 12:45 PM
 
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Thanks ACEGOLFER. I am in the same exact situation. I have been trying to figure out how to change my details for quite a while. I hate having to call some call center filled with people reading from a script. But now that my mortage is being "serviced" by BoA, I guess it comes with the territory. Glad I don't do my traditional banking with them!

Update: I called a few minutes ago to change a few itemsin my paypal. But "the system is down" right now, so i will have to try again later. This was after navigating through thier god awful phone system for 15 minutes. It is really very agrivating. If countrywide was able to have the payplan details online, why can't BoA? It is almost worth refinancing just to get away from BoA. :-) ok, maybe it isn't that bad.
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Old 12-04-2009, 01:16 PM
 
286 posts, read 1,194,738 times
Reputation: 150
Quote:
Originally Posted by AntelopeJoe View Post
It is almost worth refinancing just to get away from BoA. :-) ok, maybe it isn't that bad.

No, you were right the first time. It's worth it to refi just to get away from BofA. Yes, it is that bad....
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Old 12-05-2009, 01:34 PM
 
983 posts, read 3,483,594 times
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Here's a good news.

If you have both checking and mortgage with BofA, now you can transfer fund from checking to mortgage account at ANY TIME. You wonder what's special about it? This option allows you to specify what the payment is for. You can choose: regular payment, principal only, escrow only.

Now I don't have to worry about whether my extra payment will be correctly applied.
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