Frequently Asked Questions

How do I effectively lower my interest rate?

With the EMPP biweekly program, one half (1/2) of your regular monthly mortgage payment will be automatically deducted from your checking or savings account every two weeks instead of you making your full payment once a month. Since there are 52 weeks in a year, that equals 26 half payment withdrawals or 13 full payments per year. This means that an additional one half (1/2) payment amount is applied to your loan principal balance twice per year. Simply by having extra payment amounts applied in this fashion, you will pay off your mortgage loan early and permanently reduce the mortgage interest you would otherwise pay.

By reducing the total amount of mortgage interest you have to pay, you accomplish the same result as if you reduced your interest rate itself, thus effectively reducing your mortgage interest rate.

Can the amount of the biweekly draft on my checking or savings account change?

Yes. If your mortgage provides for a change in your monthly payment, the biweekly draft will change to one half (1/2) the amount of your new monthly payment either up or down. If your loan is with Fifth Third Bank, your draft amount will be automatically adjusted. If you prefer, you can choose semi-monthly or weekly drafts to match your pay schedule. The amount of additional principal that you pay will determine how much interest you save over the life of the loan and the early payoff date.

Is there a way that I can obtain mortgage interest savings without enrolling in the EMPP program?

Yes. Under the terms of your mortgage, you are able to make extra principal payments on your loan. It is important to note that it does require discipline and regularity in making extra principal payments in amounts that will effectively lower your mortgage balance. The EMPP program is designed to take all the guesswork out of when to make extra principal payments and in what amounts, and since it is all done automatically, you are assured of your savings.

Once I have enrolled in the EMPP program will EMPP give me notice of when my biweekly drafts will begin?

Yes. You will be notified by mail well in advance of your actual start date. Typically, it will take 4 to 6 weeks before you will begin paying your half payments every two weeks.

When will biweekly payment amounts be taken out of my checking or savings account?

Every other Wednesday, one half (1/2) of your regular monthly mortgage payment will be deducted from your checking or savings account automatically by Fifth Third Bank. Your monthly mortgage payments are then applied monthly when due.

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