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Wells Fargo Question

December 23rd, 2013 at 08:20 pm

I figured I would ask here in the Blog section before I asked in the Forum section, but those of you who have Wells Fargo Mortgages or Mortgages Serviced by Wells Fargo, are you able to set up automatic additional principal payments further than 1 month out? I only have the option to set up one month ahead, which is kind of annoying if you ask me. I wanted to set-up the whole year, so as to set it and forget it, but no avail. They probably are doing that hoping I would forget so they can make more money on interest! Haha!

Posted in Mortgage | 6 Comments »

6 Responses to “Wells Fargo Question”

  1. Petunia 100 Says:
    December 23rd, 2013 at 09:06 pm 1387832774
    1387832774

    You can do it if you set it up to come out at the same time as your regular mortgage payment. Otherwise, I don't think you can.

  2. Xtreme Thunder Says:
    December 24th, 2013 at 03:33 am 1387855980
    1387855980

    I have the next additional payment to be applied Jan 2, 2014 as it wouldn't allow Jan 1 due to the holiday, but the calendar won't go past Jan 2014 to set up remaining months as I was going to set it up the first of every month along with the regular payment.

  3. Petunia 100 Says:
    December 24th, 2013 at 04:29 am 1387859389
    1387859389

    Do you have it set up as a one-time payment, or a recurring payment?

    When you set up your transfer, you get to choose the frequency. Instead of choosing "one time", choose "monthly". When you are asked how much to transfer, you can add any additional amount you like. There is a line for "additional principal", a line for "additional escrow", and a line for "other". Just be sure to mark the correct line. The total of all lines you choose will be withdrawn on the date you choose each month.

    You can cancel the monthly transfer at any time. Just click on the "transfers" tab and it will show you all of your scheduled transfers, with a view/delete link on the far right.

    I have found that I cannot edit the amount of the scheduled transfer. Instead, the instructions say to delete it, wait 24 hours, and schedule a new one. I have done this several times with no trouble.

    You still have time to delete your scheduled one-time transfer, then schedule a monthly transfer, if you wish.

  4. Xtreme Thunder Says:
    December 24th, 2013 at 02:52 pm 1387896756
    1387896756

    The only two options I get under Frequency is "One Time - Send Now" and "One Time - Send On". I'll have to call them and see what's up.

  5. creditcardfree Says:
    December 24th, 2013 at 04:19 pm 1387901960
    1387901960

    I have our regular payment with Wells Fargo mortgage set up monthly. It looks like you might need to delete the currently monthly payment that is scheduled and then set up a new transfer so the new transfer includes that additional principal. I plan to do the same this year, and it looks like what I will need to do.

  6. Petunia 100 Says:
    December 24th, 2013 at 06:32 pm 1387909955
    1387909955

    Agreed, you aren't seeing the "monthly" option because you already have one set up. Delete it, wait 24 hours, then set up a new transfer. Smile

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