Frequently Asked Questions about Mortgage Payments
Q. How do I find my mortgage balance?
A. Your previous day's mortgage balance is available through Anywhere Advisors Internet Banking or through Access 24 automated phone service anytime 24/7. During our office hours, you can ask for your balance at any of our 14 branch offices, or you can call our Anywhere Advisors.
Q. How can I make my monthly mortgage payment?
A. At New Mexico Educators Federal Credit Union you have many options:
Internet Banking
- Access 24 automated phone service
- automatic payments (ACH)
- Bill Payer
- Anywhere Advisors personal phone service
- mailed check with or without a payment coupon
- in person at the Teller line in any of our branch offices
To help determine which option is best for you, call our Anywhere Advisors.
Q. Can I use Internet Banking to make payments from my checking, savings or money market account at New Mexico Educators Federal Credit Union?
A. Yes. You can use the Account Transfer feature - the same as for transferring funds between accounts. Or you can use the Scheduled Transfers feature to schedule your monthly payment on the exact due date or a day of your choice. Be sure to allow two business days for processing so you don't make a late payment.
Q. Can I use Access 24 to make payments from my checking, savings or money market account at New Mexico Educators Federal Credit Union?
A. Yes. Use this voice command: "make a loan payment." Your mortgage loan number will be 190 or higher.
Q. When can I make my mortgage payment?
A. You can make your monthly payment at any time - keeping in mind that payments are due on the first of each month and a late charge is assessed after the 15th of each month. You can use Access 24 or Internet Banking. If you are mailing a payment check, be sure to allow several days for U.S. Mail delivery to the Credit Union and for our processing of your payment so you don't incur a late payment fee.
Q. Can I make additional payments to the principal amount of my mortgage?
A. Yes. Additional principal payments can be made at the time of your regular monthly payment. You can use Access 24, Internet Banking, or any other payment method. For specific information, speak with one of our Anywhere Advisors.
Q. Can I make payments on my Credit Union mortgage from a different financial institution?
A. Yes. We can assist you in arranging mortgage payments drawn from another financial institution. Please visit any of our 14 branch offices to sign an authorization form.
Q. How can I make an additional escrow payment?
A. This is a rare request, so at the time of your monthly payment, please instruct us in writing of the amount you wish to be credited to your escrow account. Otherwise, any additional amount in a monthly mortgage payment will be applied to principal of your loan. Please visit one of our branch offices for assistance.
Q. Why do I need to make a full payment each month?
A. Your mortgage is an amortized agreement/contract. The monthly principal, interest, escrow, and fees, if any, are all due at the same time. Partial payments will not be accepted, which could result in a late payment fee.
Q. Can I pay off my mortgage using Internet Banking?
A. No. If you pay off your remaining mortgage balance using Internet Banking, there may be additional funds required or a refund for the actual payoff amount. Please contact Mortgage Services at 855-5950 (800-347-2838 from outside the Albuquerque area) is you wish to pay the full balance of your loan.
Q. Why can't I see my mortgage payment transactions on Internet Banking?
A. The Mortgage Loan listing on the main page makes it possible for you to make a direct payment through Internet Banking. Because there are many other ways you can make a mortgage payment, we are not able to show your actual mortgage payments within Internet Banking. However, when a payment has been processed, the amount of your loan balance will decrease the next business day on the Mortgage Loan listing.
