In most cases, your new lender will accept an annual statement, even if it is several months old. However if there has been a change to the mortgage balance due to a refinance or pre-payment, the lender will require you to obtain a current statement. There may be a small fee charged from your current mortgage holder for updating the mortgage statement. A current mortgage statement is usually on a document checklist of items to provide to the mortgage broker, real estate agent or broker and the seller.
At First Foundation, we can review your current mortgage statement with you and answer any questions you may have. Often, after reviewing the statement and explaining the options available to the borrower, a refinancing of the mortgage can prove to be beneficial to the borrower. If you are interested in learning more about mortgage statement, please feel free to contact us today! Enter your name and email and we'll send you these mortgage calculations.
Check the follow-up box and one of our agents will get in touch with you soon. It will review what was paid out over the last 12 months and what you can expect to be charged over the next If you paid too little, the shortage will either be spread over your next 12 mortgage payments or charged in a lump sum. But if yours does, it should be stated in the summary. Typically, it would kick in if you paid more than 20 percent of your balance in a single year, but terms differ.
A history of your previous payments, including exactly how each payment was applied to principal, interest, and escrow. For a fixed-rate loan, your total principal and interest will of course remain constant. Your monthly escrow payment will change occasionally too. Reminder: escrow can include property taxes, homeowners insurance, and mortgage insurance. Some servicers also figure in a cushion of up to two months of escrow payments. Have your mortgage statement ready.
Your mortgage servicer has 30 business days to either answer the complaint or inform you in writing that they need another 15 days to investigate and respond. If you have a problem with your servicer, you can submit a complaint to the Consumer Financial Protection Bureau. Keep all the original hard copies related to buying your home forever. That means purchase agreement, closing documents, loan documents, deed, and title certificate. If you ever have an issue with your mortgage, you might be glad you have your own copies in hand.
Keep the year-end statements for the life of the loan. As for safety, redundancy is your friend. Paper documents should go in a fireproof box, and a backup set of paper or scanned copies in another location. For paperless documents, follow good data backup protocol: back up to both an external hard drive and your favorite cloud method.
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Home Mortgages Existing mortgage customers Your annual mortgage statement explained. Your annual mortgage statement explained In this guide we've explained everything you need to know to help you understand your annual mortgage statement, including the different types of transactions that might be shown. Example of an annual mortgage statement The Mortgage Statement shown below is for illustrative purposes only and does not relate to any existing or past borrowers.
Other Credits This will show any amounts that have been paid on your behalf by the West Brom as a condition of your mortgage product. Redemption Summary This figure is for information only and should not be used to repay your account.
Please refer to our Tariff of Mortgage Charges. Should you wish to repay your account, please contact our mortgage team. Insurance These are details of insurance attached to your mortgage. Rates of Interest This will show the rates of interest applied to your mortgage account s during the statement period. Please note, if you have a mortgage regulated by the Consumer Credit Act your statement will contain additional information.
Debits Figures in this column add to the Balance on your mortgage account and include Interest for the Year, Insurance Premiums, etc.
Credits Figures in this column reduce the Balance on your mortgage account. Payment Reversal This will appear on your statement if, for any reason, your cheque has not been cleared by your bank. In addition, any internal transactions will also appear as reversals. Insurance Premium When first taking out your mortgage through the West Brom, any insurance cover arranged through the West Brom will be charged from the date of completion until annual renewal.
After this, your insurance renewal premium is charged annually on 1 October as shown on your Statement. On monthly loans, insurance premiums will be debited on the first day of the month. You may have more than one listing for Insurance Premium, if you have selected different insurance schemes e. It is important for your own peace of mind to make sure that you have adequate insurance protection. Fees These are charges made to cover the costs of administration.
The repayment may be followed by the relevant interest adjustments.
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