Your mortgage payment is likely your single largest monthly expense, so budgeting for it can be challenging.  Wouldn’t it be helpful if you could make your monthly payment in smaller installments? And time them for when they’re most convenient for you? Fortunately, there’s an option.

What Is Flex Drafting?

Flexible drafting, or “Flex Drafting,” enables you to do just this. With Flex Drafting, you can schedule automatic payments that suit you. Payments can be made:

• Twice a Month, with half payments on the DATES you select.
• Bi-Weekly, with half payments every other week, on the DAY you select.
• Weekly, with quarter payments, every week, on the DAY you select. 

What Are the Benefits of Flexible Drafting?

Are you paid weekly, or every other week? With Flex Drafting you can pay in smaller installments and time them to correspond with the days you’re paid. This makes budgeting much easier as your mortgage payment can be made as soon as you’re paid. 

How Does Flexible Drafting Help You Pay Off Your Mortgage Sooner?

Flexibility is great for budgeting. Perhaps a more appealing benefit though, you can use flexible drafting to pay off your mortgage sooner. Two Flex Drafting payment schedules enable you to do this. With Bi-Weekly payments, there are two months each year when an extra half payment is made. That’s equivalent to making a 13^th monthly payment every year — paying your loan down faster. A weekly payment schedule has the same benefit.

What To Keep in Mind About Flex Drafting.

Flex Drafting is the same as any other payment method in that a complete payment must be collected by the end of your loan’s grace period, which is typically the 16th of the month. Where it differs, however, is when your payments are applied to your loan balance. It’s important to be aware, with Flex Drafting, your partial payments won’t be applied until a full payment has been collected.