Frequently Asked Questions
Does it matter where I have my mortgage if I want to participate in the EMPP program?
No. EMPP works with any mortgage lender and any type of home mortgage.
Does it matter where I have my checking or savings account when I participate in
the program?
No. Your checking or savings account may be at any bank, credit union or other financial
institution.
How are my mortgage payments made?
Every two weeks EMPP electronically deducts from your checking or savings account
a payment equal to half your current monthly mortgage payment. Funds are transferred
to your mortgage lender through a secure trust account at Fifth Third Bank, one
of the nation's most respected financial institutions.
How does the Early Mortgage Pay-Off Plan work to effectively reduce my mortgage
interest rate?
Because you will pay your loan off more quickly, you will
pay less interest over the life of the loan. By reducing the total amount
of mortgage interest you have to pay, you accomplish the same result as if you reduced
your interest rate itself. Your effectively reduced interest rate shows how much
you would have to lower your mortgage interest rate in order to achieve the same
interest savings as EMPP.
Will it cost me anything to participate in the EMPP program?
Yes. There is a one-time, non-refundable enrollment fee of
$295
along with a
$1.00
electronic drafting fee for each draft automatically debited from your account.
You may pay the enrollment fee when you enroll, or you can choose the deferred
enrollment fee option — pay nothing now and your
$295
enrollment fee will be automatically deducted from your first extra principal payment(s).
There are never any charges for payment changes or cancellation, and you can even
transfer your EMPP registration to another new loan at no cost if you ever refinance
or sell your home.
Can I charge my enrollment fee on a credit card?
Yes. You may charge your
$295
enrollment fee on your MasterCard, VISA or Discover credit card simply by completing
the credit card section on the secure online enrollment form.
You can also enroll by phone by calling
1-800-430-3677
.
How do I begin participating in the EMPP program?
You can get started right now by completing the enrollment
form on our "Get Started" page.
What if I decide the EMPP program isn't right for me?
Your satisfaction is guaranteed. If for any reason you wish to stop your participation
in the Early Mortgage Pay-Off Plan, you may do so at any time, hassle-free. Just
call the EMPP customer service department at
1-800-430-3677
and we will expedite your return to regular monthly payments.
Can the EMPP program be an alternative to refinancing?
Yes. The EMPP program helps you save thousands of dollars in mortgage interest and
pay off your mortgage loan up to 8 years earlier — with none of the headaches
or costs of refinancing. With EMPP, there is no application, no financial disclosures,
no change in your original interest rate or present loan documents. Of course, if
you're currently in the process of refinancing, or if you plan to refinance in the
future, you can transfer the EMPP program to your new mortgage free of charge, and
effectively reduce your interest rate even further. More than just an alternative,
EMPP is an ideal companion to refinancing.
What do the experts say about biweekly plans like the Early Mortgage Pay-Off Plan®?
David Bach, author of The Automatic Millionaire, appeared on the Oprah
Winfrey show recently and advised millions of viewers to enroll in a good biweekly
mortgage plan where payments are made "automatically so you don’t have to think
about it or worry about it." Once you enroll in the EMPP program, you'll begin to
save interest month after month without even thinking
about it.