Comments for Have questions about biweekly payments at CitiMortgage?

Have questions about biweekly payments at CitiMortgage?

2011-06-13T20:00:25Z

We've had several questions come in about the biweekly payment options at CitiMortgage, so I wanted to provide some quick information on what we offer and where you can find out more.

First things first ... yes, CitiMortgage does offer a biweekly payment plan.

The BiWeekly Advantage¹ plan drafts one half of your regular monthly payment every 14 days, which typically means you make the equivalent of one extra payment towards your principal every year. By making this extra payment towards your principal balance you may save thousands of dollars in interest and pay off your mortgage sooner. To participate in the plan you must pay a one-time enrollment fee, but once enrolled you can enjoy the benefits of the program for the life of your loan. The plan is transferrable to another mortgage at CitiMortgage, and may be transferrable to another lender².

If you are interested in enrolling or just finding out more about BiWeekly Advantage plan, you can login to your account or call 1-866-622-8993^†. A BiWeekly Advantage representative is available to help you weekdays from 8 a.m. to 8 p.m. ET.

¹The BiWeekly Advantage Plan is administered by FNC Insurance Agency Inc., a member of Citigroup.

²Transfer fee may apply when transferring to a mortgage with another lender.

^† Calls are randomly monitored and recorded to ensure quality service.

Comment from carolyn marshall on 2011-10-31

2011-10-31T20:38:31Z

Hi, Kathy, thanks for your question. I've forwarded it to someone who can provide the answer.

Comment from Kathy on 2011-09-28

2011-09-28T15:54:09Z

Can one extra payment per year (P&I) be made via electronic transfer? The $375.00 + a transaction fee will prevent our application for a refinance to CitiMortgage.

Comment from carolyn marshall on 2011-08-18

2011-08-18T20:54:19Z

Thanks for the blog post, Matthew. CitiMortgage, like most servicers, cannot accept and account for partial payments. Biweekly mortgage payments can only be made through The BiWeekly Advantage Plan¹. If you are interested in enrolling or would like to find out more about The BiWeekly Advantage Plan, please call 1-866-622-8993† on weekdays from 8 a.m. to 8 p.m. ET to speak with a representative.

¹ The BiWeekly Advantage Plan is administered by FNC Insurance Agency Inc., a member of Citigroup.

† Calls are randomly monitored and recorded to ensure quality service.

Comment from carolyn marshall on 2011-07-13

2011-07-13T19:08:20Z

Hi Donna. I've forwarded your information to someone that can answer those specific queistions about your account. I imagine someone has already been in touch by now, but if not please let me know. Thanks for the post.

Comment from Matthew on 2011-06-29

2011-06-30T03:27:58Z

If one was to send in one half of their monthly mortgage payment every 14 days, would CitiMortgage apply the payments correctly - to principle, interest, escrow, etc. - such that the mortgage payment was considered to be paid timely?

Comment from Donna on 2011-06-25

2011-06-25T13:57:23Z

I like the benefit of the biweekly program, but having participated in another lenders program I am not willing to invest in the start-up fee again. I wanted to know If I paid one extra payment at the beginning of each year of my loan ( for example make one extra payment to principal) can I in effect reap the benefits of a biweekly program without being a formal part of Citimortage biweekly plan? Also is there a financial advantage (for example interest savings) to paying each months payment two weeks early? Thank you for responding to my question. I have asked these two questions at a branch office and at the bi-weekly program and have not gotten a satisfactory response.