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A letter using your lender’s name or loan amount is not proof that the lender sent it. Verify the sender through a phone number or website you already trust. Be especially careful with urgent payme...
Read the articleContact the servicer and ask what documents it needs to recognize your legal interest and provide account information. Inheriting a property, being authorized to discuss the loan and becoming perso...
Read the articleStart with the amount due and due date, then review how your last payment was applied. Separate principal, interest, escrow and fees. Compare the statement with your bank record and any recent noti...
Read the articleA modification changes terms of an existing loan through an approved process, often in response to payment difficulty. A refinance replaces the mortgage with a new loan and its own qualification an...
Read the articleOn a standard amortizing mortgage, interest is calculated on the outstanding balance under the loan’s terms. Early payments often contain more interest because the balance is larger. As principal f...
Read the articleYour contractual due date, any late fee grace period and credit reporting treatment are different things. Read the loan documents and ask your servicer how each applies. Do not treat a grace period...
Read the articleRead the transfer notices, verify the new servicer and confirm where and when payments should go. A servicing transfer does not itself mean you refinanced. Pay particular attention to automatic pay...
Read the articleCheck whether your servicer accepts the method and what fees or third party rules apply. Rewards may be smaller than the processing cost, and carrying the card balance adds another borrowing cost....
Read the articleUnapplied or suspense funds generally mean money has been received but has not yet been applied in the way you expected. The reason depends on the account and servicing rules. Ask what the funds re...
Read the articleAn extra amount applied to principal can reduce future interest and shorten repayment on an amortizing loan, depending on the terms and timing. It usually does not lower the required monthly paymen...
Read the articleContact your servicer before assuming a partial payment will keep the loan current. It may handle partial funds differently under the loan and servicing rules, including holding them until a full p...
Read the articleAn extra principal payment reduces the loan balance when correctly applied. It may reduce future interest and shorten payoff time, but it usually does not automatically lower the required monthly p...
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