How Does EMPP Work?
EMPP makes it simple for you to pay off your mortgage years early and save up to
tens of thousands of dollars in interest. Here’s how it works:
The Process
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1)You sign up for the Early Mortgage Pay-Off Plan.
Joining EMPP is simple. Complete the secure online enrollment
form, or if you prefer, download
and print an enrollment form you can fax or mail. You can even enroll
right over the phone by calling 1-800-510-3677. All we need is
some basic information about yourself, your mortgage lender and the bank account
you want to use for the automatic withdrawals. We work with every mortgage lender
and every bank – you don’t have to change anything about any of your accounts.
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2)We draft a half payment every two weeks.
Every other week, we debit your account for half of your current monthly mortgage
payment amount. Because there are 52 weeks in a year, that adds up to 26 half payments
or 13 full payments over the course of the year. Because you're making the equivalent
of 13 mortgage payments every year, the additional amount is applied as extra principal,
saving you literally thousands of dollars in interest
over time. We can even draft semi-monthly (on the 15th and last days of the month)
instead of biweekly if that works better with your pay schedule.
Download a printable biweekly
EMPP draft calendar (PDF)
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3)We make your monthly mortgage payment automatically.
Every month, we make your mortgage payment for you, on time, every time. You never
have to write another mortgage check or remember to make your payment. And because
of the biweekly draft schedule, twice during each calendar year we'll apply an extra
half payment directly to your mortgage's principal balance, thereby reducing your
overall interest payments.
EMPP Works for You
Many biweekly programs charge high enrollment and transaction fees. Not EMPP. Over
the past 15 years, we have learned how to reduce the costs involved in managing
a biweekly program to the bare minimum, without compromising on security and customer
service. Then we pass the cost savings on to our customers. Our goal has always
been, and will continue to be, to enable average homeowners with mortgages to save
money and reduce debt. Our flexible enrollment options take all the pain out of
starting a biweekly program, and we only charge a nominal $1.00 transaction fee
per biweekly draft — about half of an average ATM fee.
To see how much you can save with the Early Mortgage Pay-Off Plan, use our convenient
savings calculator. We're sure that once you see
your interest savings, you'll want to sign up right
away.