How does EMPP work?
With EMPP, you begin paying one half of your monthly mortgage payment every two
weeks instead of paying your full payment once a month. EMPP withdraws these biweekly
payments from your checking or savings account, and applies your monthly mortgage
loan payments when due – automatically and worry-free. Because there are 52
weeks in a year, you will make 26 half payments, or the equivalent of 13 full payments,
per year. The extra money goes directly toward the principal balance of your mortgage,
significantly reducing the interest you pay. The smaller, more frequent payments
also make budgeting easier.
How do I get started?
It's easy to get started with EMPP:
-
1)Sign up for the Early Mortgage Pay-Off Plan.
If you haven't already done so, you can calculate how much
you can save with EMPP (this is optional). Then 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
1-800-430-3677. All we need is some basic information
about you, your mortgage, 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. Our mortgage acceleration specialists
can also assist you with calculating your mortgage savings and answer other EMPP-related
questions. And as always, any personal information you provide is confidential between
you and EMPP.
-
2)You'll receive a welcome packet with everything
you need to know.
Once you've enrolled, you'll receive written notification 4 to 6 weeks before your
actual start date. This letter will indicate exactly when your Early Mortgage Pay-Off
Plan will start, and give you helpful information to ensure a smooth transition
to biweekly payments.
-
3)Your biweekly payments begin automatically.
As your welcome letter will explain, you'll need to make your last full monthly
payment during the same month that we begin your Early Mortgage Pay-Off Plan. After
that, a half payment will be automatically deducted from your account every other
Wednesday. We can also draft semi-monthly (on the 15th and last day of the month)
instead of biweekly if that works better with your pay schedule. Just contact our
mortgage acceleration specialists at
1-800-430-3677
for more information.
The calendar on the right shows an example of the biweekly EMPP schedule.
Download a printable biweekly
EMPP draft calendar (PDF)
To see how much you can save with the Early Mortgage Pay-Off Plan, use our convenient
savings calculator.