Frequently Asked Questions

I don't have a mortgage. Can I still benefit from the Early Mortgage Pay-Off Plan?

Yes. Although the Early Mortgage Pay-Off Plan works only with mortgage loans, eligible customers, members or employees who do not own a home can extend this benefit to any family member.

If I sell or refinance my home in the future, can I transfer my EMPP to my new mortgage?

Yes. The Early Mortgage Pay-Off Plan is fully transferable to any mortgage you may have in the future. Just call us with the new loan information and we will continue your plan uninterrupted.

What does it cost to participate in EMPP?

There is no cost for customers, members and employees of participating organizations to enroll in the program, as the standard $295 enrollment fee has been waived. The only cost is a $2.50 transaction fee for each biweekly payment.

Who is EMPP's banking partner?

Fifth Third Bank is the designated financial partner with EMPP, and handles all electronic transactions. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Fifth Third has $116 billion in assets, operates 18 affiliates with around 1,300 banking centers in 12 states, and has financial operations in all 50 states.

Does it matter where I have my mortgage if I want to participate in the EMPP program?

No. EMPP works with any U.S. 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 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.

Can EMPP be customized to my individual needs?

Yes. In addition to biweekly payments, we support weekly, semi-monthly and monthly payments to suit your needs.

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, and 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.

Can I obtain mortgage interest savings without enrolling in EMPP?

Yes. Under the terms of most mortgages, you are able to make extra principal payments on your loan. It is important to note that it does require discipline and regularity in making extra principal payments in amounts that will significantly lower your mortgage balance. The Early Mortgage Pay-Off Plan is designed to take all the guesswork out of when to make extra principal payments and in what amounts, and since it is all done automatically, you are assured of your savings.

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.