My mortgage company charges a $9.95 fee to pay online. Do most mortage companies do this? It feels like such a rip off to me!
While you may feel that it's a rip-off, there's plenty of evidence to show that a lot of people use online payment methods like the one your mortgage company offers, and the fee isn't outside the norm, although some creditors provide the service gratis. Of course, you aren't obliged to make your payments that way. If your money management style and your bank's online services allow it, you could set up a monthly bill payment on your bank's bill-payment service.
Of the two methods, the one you've been using gives you the most control over when your payment is received by the mortgage company, and it is a great service if you're coming up against the last day to avoid a late fee and don't have time to make the payment by check.
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While you may feel that it's a rip-off, there's plenty of evidence to show that a lot of people use online payment methods like the one your mortgage company offers, and the fee isn't outside the norm, although some creditors provide the service gratis. Of course, you aren't obliged to make your payments that way. If your money management style and your bank's online services allow it, you could set up a monthly bill payment on your bank's bill-payment service. 