It's fantastic that you're considering setting up biweekly mortgage payments with Truist! This strategy can significantly reduce the total interest you pay over the life of your loan and help you pay off your mortgage years ahead of schedule. Let's dive into how you can make this happen.
Unlocking Faster Homeownership: A Step-by-Step Guide to Biweekly Mortgage Payments with Truist
Have you ever imagined what it would feel like to be completely debt-free, especially when it comes to your home? Making biweekly mortgage payments is a powerful, yet often overlooked, way to achieve that dream faster. Instead of 12 monthly payments, you'll effectively make 13 full payments per year, leading to substantial savings on interest and a quicker path to owning your home outright.
Understanding the "Why" Before the "How"
Before we jump into the mechanics, let's quickly understand the magic behind biweekly payments. There are 52 weeks in a year. If you pay half your monthly mortgage payment every two weeks, you'll make 26 half-payments annually. This equates to 13 full monthly payments (26 / 2 = 13) instead of the standard 12. That one extra payment per year goes directly towards your principal balance, significantly reducing the amount of interest you'll accrue over the loan's lifetime. It's like finding an extra key to unlock your financial freedom!
Step 1: Confirm Your Eligibility and Understand Truist's Program
The very first thing you need to do is confirm that Truist offers a dedicated biweekly mortgage payment program and understand its specific terms. While many lenders offer this, the exact mechanics can vary.
Sub-heading: Checking Truist's Bi-Weekly Mortgage Payment Plan
- Online Exploration: Start by visiting the Truist Bank website. Look for sections related to "Mortgage Management," "Payment Options," or "Manage Your Mortgage." You're specifically looking for information on a "Bi-Weekly® Mortgage Payment Plan" or similar. Truist's website explicitly mentions a "Bi-Weekly® Mortgage Payment Plan" where you make 26 half mortgage payments versus 12 full payments.
- Reviewing the Fine Print: Look for a downloadable PDF form or document outlining the terms and conditions. Pay close attention to details such as:
- How the half-payments are applied: Do they immediately reduce your principal, or are they held until a full payment is accumulated? Truist states that when the two halves of your monthly mortgage payment are received, they are applied to the following month's payment. However, the bi-weekly payments over and above the required monthly payments will be applied to the principal balance. This is an important distinction!
- Initial payment requirements: Some programs require an initial full monthly payment to "kickstart" the biweekly schedule. Truist states that during your first month of enrollment, you must pay both your regular monthly payment plus your two half payments.
- Fees associated: While generally uncommon for this type of service, always double-check for any setup or ongoing fees.
- Ability to choose your payment day: Truist does allow you to choose the weekday your account will be debited on, with the limitation that the first day must be within the first two weeks of a given month.
Sub-heading: Why a Quick Call Can Save You Time
Even after reviewing the online information, it's highly recommended to call Truist's mortgage department directly. Their Client Services number for mortgages is 800-634-7928, available Monday through Friday, 8 am to 8 pm ET, and Saturday, 9 am to 3 pm ET.
- Direct Clarification: A representative can provide the most accurate and up-to-date information specific to your loan.
- Personalized Guidance: They can walk you through the enrollment process and answer any unique questions you might have about your mortgage.
- Confirming Application of Payments: Specifically ask how the biweekly payments are applied to your principal. You want to ensure that the extra payments are indeed reducing your principal balance as quickly as possible to maximize your interest savings.
Step 2: Gather Your Information
Once you've confirmed Truist's biweekly program details, it's time to get your ducks in a row. Having this information readily available will make the setup process smoother.
Sub-heading: Essential Documents and Details
- Your Truist Mortgage Loan Number: This is crucial for identifying your account. You can find it on your mortgage statements.
- Your Bank Account Information: You'll need the routing number and account number for the checking or savings account from which you want the biweekly payments to be debited. If you're using a credit union, verify the routing and account numbers for ACH drafting, as they might differ from what's on your check.
- Voided Check or Deposit Slip (Optional but Recommended): While Truist states it's not required, attaching a voided check or deposit slip can help them verify your account information and minimize errors.
- Your Current Monthly Mortgage Payment Amount: Be clear on this figure, as your biweekly payment will be half of this amount.
- Desired Start Date (if applicable): If you have a specific date in mind for your first biweekly payment, have it ready.
Step 3: Choose Your Enrollment Method
Truist offers a couple of ways to enroll in their biweekly mortgage payment plan. Select the method that's most convenient for you.
Sub-heading: Online Enrollment (The Fastest Route)
- Sign in to Truist Online Banking: The easiest way to set up recurring payments is often through your online banking portal. Look for sections like "Manage your mortgage" or "Payment options."
- Look for "Bi-Weekly® Mortgage Payment Plan" Enrollment: There should be a clear option to enroll in this specific program.
- Follow the Prompts: The online system will guide you through entering your bank account details and authorizing the recurring biweekly debits. This is generally the most efficient and direct way to set it up.
Sub-heading: Manual Enrollment via Form (If You Prefer Paperwork)
If you prefer to fill out a form, Truist provides a "Bi-Weekly® Mortgage Payment Plan" authorization form.
- Download the Form: You can typically find this form on the "Mortgage Forms and Related Documents" section of the Truist website.
- Fill Out Completely and Accurately:
- Client Authorization: This section will require your loan number, name, phone numbers, and signature (and co-borrower's if applicable).
- Payment Schedule Preferences: You'll select your "My Payment Day" – the specific weekday you want the debit to occur. Remember the limitation that the first day must be within the first two weeks of a given month.
- Additional Principal Payment (Optional but Powerful): This is where you can further accelerate your payoff! The form allows you to specify an additional amount you'd like drafted with each biweekly payment, which will go directly to your principal. Even a small extra amount can make a big difference over time.
- Mail or Fax the Form:
- Mail: Truist Mortgage, P.O. Box 1868, Greenville, SC 29602-1868
- Fax: 844-217-5137
- Attach Supporting Documents: Remember to attach a voided check or deposit slip if you choose to do so.
Step 4: Understand the First Month's Payment
This is a critical detail that often catches people off guard.
Sub-heading: The Initial Adjustment Period
- Double Payment in the First Month: As mentioned earlier, during your first month of enrollment in the Truist Bi-Weekly® Mortgage Payment Plan, you will need to pay both your regular monthly payment AND your two half-payments. This is because they need to accumulate a full payment to get the biweekly cycle truly started without impacting your regular due date.
- Plan Your Finances Accordingly: Make sure you have sufficient funds available to cover this initial larger payment. It's a one-time adjustment, but an important one to be prepared for. After this, your regular biweekly half-payments will begin.
Step 5: Monitor Your Payments and Statements
Once you've set up biweekly payments, it's important to monitor your account to ensure everything is working as intended.
Sub-heading: Verifying Debits and Principal Reduction
- Check Your Bank Account: After your chosen payment days, verify that the biweekly debits are successfully occurring from your linked checking or savings account.
- Review Your Mortgage Statements: Carefully review your Truist mortgage statements. You should see your payments being applied and, over time, a noticeable reduction in your principal balance. If you opted for additional principal payments, ensure those are also being applied correctly.
- Online Account Access: Utilize Truist's online mortgage management portal. It allows you to view payment history, current balance, and potentially see the impact of your biweekly payments.
The Long-Term Benefits: Witnessing Your Progress
By diligently making biweekly payments, you'll be actively working towards a significant financial goal.
Sub-heading: Accelerated Payoff and Interest Savings
- Shorter Loan Term: You'll shave years off your mortgage loan, sometimes 3-5 years or even more depending on your loan amount and interest rate.
- Thousands in Interest Saved: The most compelling benefit is the substantial amount of interest you'll save over the life of the loan. This money stays in your pocket rather than going to the lender.
- Building Equity Faster: As your principal balance decreases more rapidly, you'll build equity in your home at an accelerated pace. This increases your net worth and gives you more financial flexibility.
10 Related FAQ Questions
Here are 10 frequently asked questions about biweekly mortgage payments with Truist, with quick answers:
How to calculate my biweekly mortgage payment with Truist?
To calculate your biweekly mortgage payment, simply divide your regular monthly mortgage payment by two. For example, if your monthly payment is $1,200, your biweekly payment will be $600.
How to ensure my extra payments go to principal with Truist?
Truist's Bi-Weekly® Mortgage Payment Plan is designed so that the equivalent of one extra payment per year does go towards your principal. However, you can also specify an "additional amount" on the enrollment form or through online banking to be specifically applied to principal with each biweekly debit.
How to change my biweekly payment amount or frequency with Truist?
You would likely need to contact Truist's mortgage department directly at 800-634-7928 to modify your biweekly payment arrangements, or look for options within your online mortgage account management portal. They typically require at least seven days' notice for changes.
How to cancel biweekly mortgage payments with Truist?
To cancel your biweekly payments, you will need to contact Truist's Client Services for mortgages at 800-634-7928. Be sure to do this well in advance of your next scheduled payment to avoid any issues.
How to make a one-time extra principal payment with Truist?
You can usually make one-time extra principal payments through your Truist online banking portal, by mail, or by calling their mortgage department. Specify that the payment is to be applied only to the principal.
How to know if biweekly payments are right for my financial situation?
Consider your current financial stability, emergency fund, and any other high-interest debt you may have. If you have a stable income and a healthy emergency fund, biweekly payments can be a great option. If you have high-interest credit card debt, it might be more beneficial to pay that off first.
How to get my mortgage statements from Truist?
You can access your mortgage statements by signing into your Truist online banking account, or they will be mailed to you monthly. You can also enroll in paperless statements online.
How to contact Truist's mortgage department for support?
You can contact Truist's Mortgage Client Services at 800-634-7928. Their hours are typically Monday-Friday, 8 am - 8 pm ET, and Saturday, 9 am - 3 pm ET.
How to determine the exact interest savings from biweekly payments with Truist?
While Truist doesn't provide a specific calculator for this on their public site, you can use online mortgage amortization calculators. Input your original loan amount, interest rate, and term, then calculate with 12 payments per year versus 13 payments per year (which is the effective result of biweekly payments).
How to ensure my biweekly payments are applied promptly by Truist?
Truist states that when the two halves of your monthly mortgage payment are received, they are applied to the following month's payment. However, the bi-weekly payments over and above these required monthly payments are applied to the principal balance before the 15th day of the month following each month in which three bi-weekly payments occur. Regularly checking your online account and statements will confirm prompt application.
