How Does EMPP Work?
ASU Alumni EMPP makes it simple for you to pay off your mortgage years early and
save up to tens of thousands of dollars in interest, with no enrollment fees.
Here’s how it works:
The Process
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1)You sign up for EMPP through the ASU Alumni Association.
Joining ASU Alumni EMPP is simple. Complete the secure online
enrollment form, or if you prefer,
download and print an enrollment form you can fax or mail. You can even
enroll right over the phone by calling 1-866-990-3677. All we need
is some basic information about yourself, your mortgage lender and the bank account
you want to use for the automatic withdrawals. We work with every mortgage lender
and every bank – you don’t have to change anything about any of your accounts.
And if you're not already an ASU Alumni Association member, don't fret. Our simple
enrollment form even lets you become an ASU Alumni member and sign up for ASU Alumni
EMPP at the same time.
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2)We draft a half payment every two weeks.
Every other week, we debit your account for half of your current monthly mortgage
payment amount. Because there are 52 weeks in a year, that adds up to 26 half payments
or 13 full payments over the course of the year. Because you're making the equivalent
of 13 mortgage payments every year, the additional amount is applied as extra principal,
saving you literally thousands of dollars in interest
over time. We can even draft semi-monthly (on the 15th and last days of the month)
instead of biweekly if that works better with your pay schedule.
Download a printable biweekly
EMPP draft calendar (PDF)
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3)We make your monthly mortgage payment automatically.
Every month, we make your mortgage payment for you, on time, every time. You never
have to write another mortgage check or remember to make your payment. And because
of the biweekly draft schedule, twice during each calendar year we'll apply an extra
half payment directly to your mortgage's principal balance, thereby reducing your
overall interest payments.
ASU Alumni EMPP Costs Nothing to Join
Most biweekly payment programs cost hundreds of dollars to join. Not EMPP. Thanks
to your membership in the ASU Alumni Association, enrollment in EMPP is absolutely
free. There are no monthly fees for the service, either. Your only cost with EMPP
is a nominal $1.75 bank draft charge for each biweekly payment. That's less than
an average ATM fee.
To see how much you can save with the Early Mortgage Pay-Off Plan, use our convenient
savings calculator. We're sure that once you see
your interest savings, you'll want to sign up right
away.