Your mortgage statement includes your monthly payment. Your mortgage lender or servicer must provide you billing cycle statements by law. Mortgage statements are mailed monthly and available online from your lender or servicer. You can receive them electronically, but printed statements are simpler to identify problems on.

Your mortgage payment and other up-to-date loan information may be found on your monthly mortgage statement. Your mortgage lender and the servicer must give you a statement during each billing period. Monthly mortgage statements are typically mailed out; however, they are available online through your lender or servicer. Even if you have the choice to get them online, you should stay with paper statements because it is much easier to identify inaccuracies on a physical copy than in an email.

What Information Must Be Included On A Mortgage Statement?

Your mortgage loan statement should detail the principal, interest, and any fees and escrow withholdings, how to contact your mortgage lender, the breakdown of your payments, and any information on overdue payments.

So, What Exactly Does A Mortgage Statement Contain?

Every month, you should get a mortgage statement summarizing your loan status, including the current balance, the maturity date (the date the loan must be returned in total), and other details. Furthermore, it details various aspects of your financial history. Here's a quick rundown:

Your loan is identified by this number, often known as an account or loan number. When you sign into your service provider's online portal, it may be shown. You'll need to give this number to your servicer if you contact them.

The day a mortgage payment is due is typically the first of the month. If you have automatic payments set up, this date is a helpful reminder of when money will be taken out of your account.

Due Amount: You must pay the whole amount due on the due date, which includes the principal, interest, escrow, and any fees.

The most up-to-date due amount is: The monthly payment is broken down into its parts, such as principal, interest, escrow, and fees, in this section.

Contact us: The many means of contacting your servicer are detailed here.

Details about your account: Your name, address, loan balance, interest rate, and maturity date will usually be included here. A prepayment penalty, or the cost you'll incur if you pay off your loan early, may also be mentioned. Most mortgages do not include prepayment fees.

Payments and other transactions: such as when they were deposited into your account are detailed here for the preceding month.

Your payment history: for the last month and the entire year ("year to date") are displayed here.

Where Turn For Help With The Mortgage Statement

While you may be tempted to throw away your mortgage statements after a while, you should save them since they include important information about your loan. Before discarding your following sentence, make sure it accurately reflects the following.

Your interest rate should only vary if you have a loan with an ARM (adjustable-rate mortgage). The length of time that your current interest rate will be maintained will be displayed on your statement if you have an adjustable-rate mortgage.

Yet, the amount will fluctuate when you make payments on the principle. Decisions like tapping into home equity, refinancing, or selling might be informed by the details provided in your statement.

However, if you don't pay your mortgage automatically, check your statement for any late penalties that may have been assessed. Most creditors will waive late fees for the first 15 days.

Check the escrow payments, too. The funds are deposited into an escrow account to pay annual property taxes and homeowner's insurance. You may see an increase in your regular payment over time as premiums and taxes are subject to change from year to year.

When you are 45 days or more behind on your mortgage payments, a "delinquency notice" will be included with your monthly account. Immediately contact your servicer if this is the case so that you may discuss your choices for relief.

When Should You Shred Mortgage Records?

Most mortgage statements are now available online, so throwing them away is fine if you want something other than a paper trail. But some borrowers want to preserve them for several years. But never get rid of:

Keep these documents in a secure location for the duration of your ownership, even after the loan has been paid off. You will get an annual escrow account statement and your mortgage bills. Save this document, as it details expected escrow payments, as it will show you if there is a deficit or overpayment in your account. The property tax payments shown on the statement should be compared to the tax collector's online records. While switching services, there may be inconsistencies in your account.

Methods Of Making Mortgage Payments

Mortgages can be paid in person, by phone, or through the mail, but most borrowers today choose the convenience of online or automatic payments. Of course, there's always the chance that your money will take longer to arrive via mail. Schedule plenty of time to send the payment. It is possible to pay some loan companies via mail, while others accept payments by phone or in person. The payment options available to you will be detailed on your invoice.