How to Pay Your Planet Home Lending Mortgage
Where and how to send your Planet Home Lending payment
Planet Home Lending accepts mortgage payments through several channels. You can pay online through their customer portal, by phone, by mail, or through automatic bank transfers. The fastest and most reliable method is setting up automatic payments (called ACH, or Automated Clearing House), which pulls money directly from your bank account on your due date each month.
To pay online, log into your account at Planet Home Lending's website or mobile app. You'll see your loan number, current balance, and next due date. The portal lets you make a one-time payment or schedule recurring payments. If you prefer the phone, call the customer service number on your mortgage statement. For mail payments, write your loan number on the check and send it to the address listed on your statement—allow 7 to 10 business days for the payment to post.
ACH is the method most lenders recommend because it removes the risk of a check getting lost or arriving late. Once you set it up, the payment happens automatically on the same day each month. You can usually set this up through the online portal or by calling customer service.
Key Takeaways
- Planet Home Lending offers online, phone, mail, and automatic bank transfer payment methods, with automatic ACH transfers being the most reliable.
- Online payments through the customer portal typically post within one to two business days, while mailed checks take 7 to 10 days.
- Your payment due date and loan number appear on your monthly statement, and you should include the loan number with any mailed payment.
- Late payments are reported to credit bureaus after 30 days and can trigger late fees, so setting up automatic payments removes the risk of missing a due date.
Understanding your payment due date and grace period
Your mortgage payment is due on a specific day each month, listed on your statement. Planet Home Lending typically allows a grace period of 10 to 15 days after the due date before charging a late fee, but this varies by loan type and state. The grace period does not mean you can ignore the due date—it simply means the lender won't immediately penalize you if you're a few days late.
Payments made during the grace period are still considered on time for credit reporting purposes. However, once you pass the grace period, the lender can charge a late fee (usually 4 to 5 percent of your monthly payment) and report the late payment to credit bureaus. After 30 days late, the payment appears on your credit report and begins damaging your credit score.
If you know you'll be late, contact Planet Home Lending before the due date. Some lenders can work with you on a modified payment schedule or temporary forbearance, but only if you reach out first. Waiting until after you're late makes negotiation much harder.
What happens if your payment is late or missed
A missed payment triggers a sequence of events. First, Planet Home Lending sends you a notice (usually by mail) within a few days. If you pay within the grace period, no late fee applies and nothing is reported. If you don't pay by the end of the grace period, a late fee is added to your next payment.
After 30 days late, the lender reports the delinquency to the three credit bureaus (Equifax, Experian, and TransUnion). This appears on your credit report as a 30-day late payment and lowers your credit score. After 60 days late, it becomes a 60-day late payment. After 90 days late, it becomes a 90-day late payment, and the lender may begin foreclosure proceedings.
If you fall behind, contact Planet Home Lending immediately. Options may include a loan modification (changing the terms of your loan), forbearance (temporarily pausing or reducing payments), or a repayment plan (spreading the missed amount over future months). These options exist, but the lender is only required to discuss them if you ask before you're too far behind.
How to set up automatic payments
Automatic payments remove the burden of remembering to pay each month. To set up ACH through Planet Home Lending, log into your online account and look for the "Autopay" or "Automatic Payments" section. You'll need your bank account number and routing number (both appear on the bottom left of your checks). Select the payment amount and the day of the month you want the payment to come out.
You can usually choose to pay the full monthly payment or a custom amount. Most borrowers set it for the full payment on the due date. Once you confirm, the setup is complete, and the payment will pull from your account automatically starting the next month.
If you need to change or cancel automatic payments, you can do so through the same portal, usually with at least a few days' notice. If you cancel, remember that you're responsible for making manual payments—the lender won't remind you.
Paying extra toward principal and how it affects your loan
Many borrowers want to pay down their mortgage faster by sending extra money toward the principal (the amount you originally borrowed). Planet Home Lending allows this, and it can save you thousands in interest over the life of the loan. When you make an extra payment, specify that it should go toward principal, not toward future payments or escrow.
Extra principal payments reduce the total amount of interest you'll pay because interest is calculated on the remaining balance. For example, paying an extra $100 per month on a 30-year mortgage can shorten the loan by several years. However, check your loan documents for any prepayment penalties—some older mortgages charge a fee if you pay off the loan early, though this is less common now.
You can make extra principal payments through the online portal, by phone, or by mailing a check with a note specifying "principal only." Do not assume the lender will automatically apply extra money to principal—always confirm how the payment will be applied.
Escrow, property taxes, and insurance in your payment
Your monthly mortgage payment to Planet Home Lending may include more than just principal and interest. If you have an escrow account, your payment also includes money set aside for property taxes and homeowners insurance. The lender collects this money each month, holds it in escrow, and pays these bills on your behalf when they're due.
Escrow is required if you put down less than 20 percent on your home or if your loan is backed by the Federal Housing Administration (FHA) or Department of Veterans Affairs (VA). Even if it's not required, many borrowers choose escrow because it spreads the large annual bills into smaller monthly chunks.
Your statement breaks down the escrow portion separately from principal and interest. If your property taxes or insurance rates change, your escrow payment may increase or decrease. Planet Home Lending sends an annual escrow analysis showing what they collected, what they paid out, and what your new payment will be. If you disagree with the analysis, you have the right to request a review.
Troubleshooting payment problems and getting help
If a payment fails to post, doesn't go through, or you receive a notice you don't understand, contact Planet Home Lending's customer service immediately. Have your loan number and recent statement ready. Common issues include incorrect bank account information for ACH payments, checks lost in the mail, or payments applied to the wrong account.
If you're struggling to make your payment, Planet Home Lending has a loss mitigation department that handles hardship situations. They can discuss forbearance, loan modification, or other options. To reach them, call the number on your statement and ask for loss mitigation or hardship assistance. Be prepared to explain your situation (job loss, medical emergency, income reduction) and provide recent pay stubs or tax returns.
If you believe Planet Home Lending made an error on your account, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates mortgage servicer complaints and can force corrections if the lender violated federal law.
Frequently Asked Questions
What time of day does my automatic payment come out?
ACH payments typically process overnight and post to your account the next business day, though the exact timing depends on your bank. Planet Home Lending initiates the transfer a day or two before your due date to ensure it arrives on time. If you need the payment to come out on a specific day, contact customer service to confirm the exact timing for your account.
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 processing fees. However, you can use a third-party payment service (like Plastiq) that accepts credit cards and forwards the payment to your lender, though these services charge a fee that usually makes it more expensive than paying by bank transfer or check.
What if I want to pay off my entire mortgage early?
You can pay off your mortgage at any time without penalty (unless your loan has a prepayment penalty, which is rare on newer mortgages). Contact Planet Home Lending and ask for a payoff quote, which shows the exact amount needed to close the loan as of a specific date. The payoff amount includes principal, interest through that date, and any outstanding escrow or fees. Once you send the payoff amount, the loan is closed and the lien is removed from your property.
How do I know if my payment was received?
Log into your online account and check the payment history or recent transactions section. Payments typically show as "pending" for one to two business days, then change to "posted" once they're applied. You can also call customer service and provide your loan number for confirmation. Keep records of payment confirmations, especially for mailed checks.
Can I change my payment due date?
Some lenders allow you to change your due date, but Planet Home Lending's policy varies. Contact customer service to ask if a due date change is available on your loan. If it is, you may be able to move your due date to align with when you receive income, making it easier to budget.