You can make adjustments to your Auto Payment amount directly from your online dashboard by following these steps:
- Sign in to your Earnest account.
- Select your loan from the left side menu.
- Click “Change Auto Pay Settings” and “Edit Amount” from the sidebar to type in your preferred amount.
- Review the changes and submit.
When changing your Auto Pay amount, there are a few important guidelines to keep in mind:
- Availability of Changes: You can edit your payment amount, bank, and frequency only after your first statement has been generated. This means the “Change Auto Pay Settings” option will not be visible during the first 30 days your loan is active.
- Increase Payment Amount: When you increase your monthly Auto Pay amount, the change will take 10 calendar days to appear on your Earnest dashboard.
- Decrease Payment Amount: When you decrease your monthly Auto Pay amount, the change will take two business days to process. You may decrease your payment to any amount, provided it does not fall below the minimum required, create a balloon payment (a large final payment), or extend your final payment date beyond your original loan term.
- Biweekly Auto Pay Adjustments: Increases or decreases to a biweekly Auto Pay amount can take up to one billing cycle to adjust. Be sure to plan ahead when requesting these changes.