Forms/FAQs

Forms

Automatic Draft (ACH) Form (Includes Change Requests) (Not applicable for the online system - make changes online).  Click Here 

FAQs

What is a Mortgage?

How is my mortgage payment determined?

Can I make additional principal payments on my mortgage?

What does Escrow mean and how is it determined?

If I am having problems making my mortgage payment, what are my options?

How do I change my mailing address? 

What is a Mortgage?
A Mortgage is when a borrower conveys an interest in property as security for the repayment of money borrowed.

How is my mortgage payment determined?
With a mortgage, the monthly payment is the payment required to totally pay down the borrowed principal over the course of a number of equal payments. The determining factors in the calculation of the payment are the borrowed amount, the term of the loan (the number of months of the loan are used in the calculation – i.e. a 15-year loan = 180 months and a 30-year loan =360 months), and the annual interest rate. A portion of each payment goes to principal and interest – in the early years of the payments, a greater portion of the payment goes to interest than to principal and the opposite is true as the mortgage gets closer to being paid in full.

Can I make additional principal payments on my mortgage?
Yes, you can make additional principal payments on your mortgage. The more principal you pay, the faster you will pay off your mortgage and you will pay less interest since you will pay your mortgage off quicker. Check your loan documents for pre-payment penalties.

What does Escrow mean and how is it determined?
In general, escrow is money held by a third-party on behalf of the other two parties in a transaction. When applied to mortgage payments, escrow is the typically the portion of the payment held by a third-party to pay the property taxes and/or homeowners insurance to ensure funds are available to pay the taxes and insurance when they are due. The timely payments of both protect the note holder and the borrower. The escrow portion of the mortgage payment is determined by taking the annual tax and/or insurance amount, the timing of the payment of each, and the amount of cushion required by the mortgage servicer (typically two months of each). Most servicers then use a software program that calculates the monthly escrow needed to meet the obligations. Since the annual taxes and/or insurance change annually, your total mortgage payments will most likely change on an annual basis.

If I am having problems making my mortgage or lease payment, what are my options?
There are many reasons that borrowers face difficulties in making their mortgage or lease payments – some temporary, some permanent. As each situation is unique, the options available to each situation are unique. The note holder for each mortgage makes the final decision for each situation. Please call us with any questions or problems you are having with your mortgage and/or lease we will involve the note holder in the process.

How do I change my mailing address?
To change your mailing address or any of your personal information, either login to your account and make the changes online, email us the changes or call us with your changes.