How to Pay Your Planet Home Lending Mortgage
Where to send your Planet Home Lending payment
Planet Home Lending accepts mortgage payments through several channels, and the method you choose affects how quickly the payment reaches your account and whether it posts on time. The most direct route is through their online portal, which you can access by logging into your account on the Planet Home Lending website. You can also set up automatic payments (called ACH transfers) so the payment leaves your bank account on a date you choose each month.
If you prefer to mail a check, the payment address appears on your monthly statement. Mail payments take longer to arrive and post—typically five to seven business days—so you need to send them earlier than you would an online payment. Some borrowers use their bank's bill-pay feature, which also mails a check on your behalf but gives you more control over the timing.
Phone payments are available but usually carry a fee. Call the number on your statement to ask about the current fee structure and whether it applies to all payment methods or only certain ones.
Key Takeaways
- Online payments and ACH transfers through Planet Home Lending's website post faster than mailed checks and help you avoid late fees.
- Your monthly statement shows the mailing address, the online portal link, and the phone number for payments—use the method listed there to ensure the payment reaches the right account.
- Automatic payments remove the risk of forgetting a due date, but you must verify the amount is correct each month if your payment changes.
- Mailed checks take five to seven business days to post, so send them at least a week before your due date to avoid a late payment report to credit bureaus.
- Late payments trigger fees and can damage your credit score within 30 days of the missed due date.
Setting up automatic payments with Planet Home Lending
Automatic payments (ACH transfers) pull money directly from your bank account on a date you set. To start, log into your Planet Home Lending account online and look for the "Autopay" or "Automatic Payment" section. You will need your bank account number and routing number, which you can find on a blank check or by calling your bank.
Once you enroll, Planet Home Lending will deduct your payment automatically each month. The payment usually posts within one to two business days. If your loan payment changes—because your property tax or insurance escrow adjusted, for example—you may need to update the automatic amount or switch to manual payments for that month. Check your account regularly to confirm the correct amount was deducted.
You can cancel automatic payments at any time through your online account or by calling Planet Home Lending. If you cancel, you become responsible for making manual payments on time each month.
What happens if your payment is late
A payment is considered late if it does not post by the due date shown on your statement. Most mortgage servicers, including Planet Home Lending, allow a grace period of 10 to 15 days after the due date before they report the late payment to credit bureaus. However, a late fee usually applies immediately after the due date passes, even during the grace period.
If your payment is 30 days late, Planet Home Lending will report it to the three major credit bureaus (Equifax, Experian, and TransUnion). This report stays on your credit report for seven years and can lower your credit score by 100 points or more. After 120 days of missed payments, your loan enters default, and the servicer may begin foreclosure proceedings.
If you know you cannot make a payment on time, contact Planet Home Lending before the due date. Many servicers offer forbearance (a temporary pause or reduction in payments) or loan modification (a change to the loan terms) if you are facing hardship. The sooner you reach out, the more options you typically have.
Understanding your payment breakdown
Your monthly mortgage payment to Planet Home Lending usually includes four parts, often called PITI: principal, interest, taxes, and insurance. Principal is the amount that reduces what you owe on the loan. Interest is the cost of borrowing the money. Taxes and insurance are held in an escrow account (a separate account managed by the servicer) and paid on your behalf when bills come due.
Your statement shows how much of each payment goes to each part. Early in the loan, most of your payment covers interest; as years pass, more goes toward principal. If your property tax or homeowners insurance increases, your monthly payment may rise even if your loan terms have not changed, because the escrow portion increases.
If you pay extra toward principal (called a prepayment), ask Planet Home Lending how to direct that money. Some servicers apply extra payments to the next month's payment instead of reducing the principal balance. Specify in writing or through your online account that you want the extra amount applied to principal to shorten the life of the loan.
Paying off your Planet Home Lending mortgage early
You can pay off your mortgage at any time without penalty (assuming your loan does not have a prepayment penalty clause, which is rare in modern mortgages but worth checking). Paying extra each month or making a lump-sum payment reduces the principal balance and saves you thousands in interest over the life of the loan.
Before you make a large prepayment, contact Planet Home Lending and ask: (1) how to direct the payment to principal, (2) whether there is a prepayment penalty, and (3) what the current payoff amount is. The payoff amount includes principal, accrued interest, and any fees owed. It is different from your loan balance because interest accrues daily.
If you are planning to pay off the loan in full, ask for a payoff quote that is valid for a specific number of days (usually 10 to 30 days). This quote locks in the amount and gives you time to arrange the funds. After you pay off the loan, request a satisfaction of mortgage document from Planet Home Lending, which confirms the debt is cleared and should be recorded with your county to remove the lien from your property title.
Troubleshooting payment problems
If a payment you made does not appear in your account within the expected timeframe, log into your Planet Home Lending account and check the transaction history. Online and ACH payments usually post within one to two business days; mailed checks take five to seven. If more time has passed and the payment still does not show, contact Planet Home Lending with the payment date, amount, and method (online, check, ACH, or phone).
If you sent a check and it was lost or delayed, Planet Home Lending may report a late payment even though you sent it on time. Ask the servicer to review the postmark date on the envelope (if you have it) or to reverse the late fee if the delay was not your fault. Keep records of all payments: screenshots of online confirmations, copies of mailed checks (front and back), or bank statements showing ACH transfers.
If you dispute a payment amount or believe an error was made, send a written request to Planet Home Lending asking them to investigate. Include your loan number, the payment date, the amount, and an explanation of the error. By law, servicers must acknowledge your request within 30 days and complete an investigation within 60 days.
Frequently Asked Questions
Can I pay my Planet Home Lending mortgage with a credit card?
Most mortgage servicers, including Planet Home Lending, do not accept credit card payments directly because credit card companies charge high processing fees. However, you can use a third-party payment service (such as Plastiq) that accepts credit cards and mails a check to your servicer on your behalf. Be aware that these services charge a fee, which may offset any rewards you earn from the credit card.
What time of day does my automatic payment post?
ACH transfers typically post within one to two business days, but the exact time depends on your bank and Planet Home Lending's processing schedule. The payment is usually deducted from your bank account on the date you set, but it may take an additional day to appear in your mortgage account. Check your account the day after the scheduled payment date to confirm it posted.
If I pay extra toward principal, will my monthly payment go down?
No. Extra principal payments shorten the life of the loan but do not lower your monthly payment amount. Your payment stays the same unless you refinance the loan or Planet Home Lending modifies the terms. The benefit of extra principal payments is that you pay off the loan faster and pay less interest overall.
What should I do if Planet Home Lending loses my payment?
Contact Planet Home Lending immediately with proof of payment (a confirmation number, bank statement, or cancelled check). Ask them to locate the payment and credit your account. If they cannot find it, ask them to reverse any late fees and late payment reports to credit bureaus. Keep detailed records of all communications and follow up in writing if the issue is not resolved within 10 business days.
Can I change my payment due date?
Many servicers allow you to change your due date through your online account or by calling. Contact Planet Home Lending to ask whether this option is available and whether there are any fees. Changing your due date can help you align your mortgage payment with your paycheck or other bills, but the change usually takes effect the following month.