Frequently Asked Mortgage Questions

 

Escrow Accounts

Your escrow account is set up to collect tax and insurance payments throughout the year.  Once they are due the Credit Union pays the necessary amount due.

Good to Know:

                          • You are could be eligible to cancel your escrow account and maintain your own tax and insurance bills.
                          • What is collected annually can change over the years; find out what causes this increase/decrease.

 

FAQs

How can I cancel my escrow account?

If you have paid your mortgage down to an 80% LTV you are no longer required to carry an escrow account.  By contacting the Mortgage Servicing Department and submitting the Escrow Cancellation Form we will close your escrow account and deposit all escrow funds to your account.  Just remember you are now responsible for paying your own taxes and insurance.

How is an escrow analysis determined?

 Your Escrow Analysis is based on the amount of taxes and insurance that is paid out each year.  We determine how much will need to be paid out in the upcoming year and project the payments needed to your escrow to allow us to settle those invoices as they are presented.

When were my taxes/insurance paid?

Generally tax assessments start getting paid out in November when we start receiving invoicing from your county tax assessor.  Insurance premiums will vary depending on when you initially purchased that particular insurance policy.

Why did my escrow payment increase?

If you saw an increase in your escrow payment this is most likely due to an increase in your tax assessments or insurance premiums

 

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Private Mortgage Insurance (PMI)

PMI is collected for all loans that do not have 20% in equity; PMI helps insure the loan in case of missed payments.

Good to Know:

                          • You might be eligible to cancel your PMI Insurance.
                          • Find out how to cancel your PMI Insurance.

 

FAQs

When can I cancel my PMI?

You can request your PMI to be cancelled once you have paid down your mortgage to 80% loan to value.

How do I cancel my PMI?

 To submit a PMI cancellation request complete the PMI Cancellation Form and submit the request to our Mortgage Servicing department via email at This email address is being protected from spambots. You need JavaScript enabled to view it.

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Real Estate Payments

There are many different ways you can make payments to your Real Estate loan; there is also multiple ways to apply such payments.

Good to Know:

                          • You can make principal payments to your real estate loans.
                          • Real estate payment can be set up automatically.

 

FAQs

How do I make a principal adjustment?

If you wish to make a principal only payment you may do so by requesting the teller to apply your payment to “Principal Only” at any of our branch offices.  You may make a principal adjustment on eBanking as well by selecting “Principal Only” as your payment type in the loan payment tab

What if my payment is late?

 If your payment is not made on time you will be assessed a late fee to your mortgage.  Check your Note to determine how much your late fee will be.

Can I make a partial payment?

Partial Payments cannot be applied to your mortgage, if a partial payment is made it can be held in a suspense account until there are sufficient funds to make your entire payment.

How do I make a payment online?

 To make a payment online, log into your StarPc account, click on the “Transfer/Loan Payment” tab.  Select what account you would like to transfer the payment from, and then select the RELN+your account number.  Indicate the type of payment you wish to make along with the amount of that payment.  The description field will allow you to make any comment you would like to narrate

How do I set up automatic payments?

If you would like your payment to be automatically transferred each month you can make this request at any of our branch offices.  You may also set this up yourself on StarPC.  In the Transfer/Loan Payment tab select “Schedule Transfer within my own JSC Accounts.”  Click add new scheduled transfer, select the account you wish to transfer from and then select the RELN (Mortgage Loan) as the “to” account.  You can make your payment several different ways.  You can select a specific dollar amount, a percent of the balance, or you minimum payment required.  You can select a date your wish to start the transfer and a date that you would like to terminate the payment.  Select “monthly” as your frequency and an option narration.

How do I get an amortization of my loan?

 An Amortization of your loan will be given to you at closing.  You can also obtain a copy by requesting one from the mortgage servicing department at This email address is being protected from spambots. You need JavaScript enabled to view it. .

Can I reverse my payment?

If you have an error and wish to reverse your mortgage payment you must contact the servicing department at This email address is being protected from spambots. You need JavaScript enabled to view it. .

My payment was not applied correctly?

If your payment was not applied correctly a mortgage servicing representative will help you in correcting the error.  Please contact Mortgage Servicing at  This email address is being protected from spambots. You need JavaScript enabled to view it. .

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Real Estate Insurance

Real Estate should be properly insured at all times.  Homeowner’s, Windstorm, and even Flood insurance might be required on your loan.

Good to Know:

                          • You will need to make sure that the Credit Union is listed as mortgagee on your insurance coverage.
                          • Insurance can be force placed on your property if you do not maintain proper coverages

 

FAQs

Did you receive a letter regarding your coverage?

If you have received a letter regarding coverage on your home then JSC FCU does not have the proper documentation showing coverage on your property.  You will need to contact your agent and have a declarations page sent to the credit union

How to submit evidence of insurance?

 Evidence of insurance can be provided in person at any of our branch locations or emailed to This email address is being protected from spambots. You need JavaScript enabled to view it. .

What are the proper coverages you should maintain?

Click here to read our Hazard Insurance requirements.

 

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Real Estate Interest

Mortgage interest is the percentage charged on a mortgage that must be paid in addition to the principal.  The mortgage interest rate is related to prevailing interest rate levels and may be fixed or adjustable.

Good to Know:

                          • The amount you pay in interest is reported to the IRS every year.
                          • Talk to your CPA to see if mortgage interest can be a deductible item for you.

 

FAQs

How is my interest reported to the IRS?

JSC FCU will report mortgage interest to the IRS with the 1098 form.  A copy of the 1098 reflecting mortgage interest will also be sent to you for your records.

How do I obtain a copy of my 1098?

 If you do not receive your 1098 by mail you can contact the mortgage servicing department and request a copy at This email address is being protected from spambots. You need JavaScript enabled to view it. .

Is my interest deductible?

Please contact a tax advisor.

How can I lower my interest rate?

If you would like to lower your interest rate you can speak to a mortgage loan officer for more information. You can reach a mortgage loan officer by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.

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Mortgage Statements

Every month you receive a statement that gives you a breakdown of your previous payment as well as balance and interest information

Good to Know:

                          • You can always obtain a duplicate statement if needed.
                          • A servicing specialist is always available to go over the breakdown of you mortgage statement.

 

FAQs

What if I did not receive a mortgage statement?

 

If you are not receiving your monthly mortgage statement please contact our servicing department at This email address is being protected from spambots. You need JavaScript enabled to view it. for help.

 

How do I obtain a duplicate copy of my statement?

If you would like to obtain a duplicate copy of your monthly mortgage statement please contact our servicing department at This email address is being protected from spambots. You need JavaScript enabled to view it. for help

 

Can I get my statement by email?

Mortgage statements are not currently available for email delivery.

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Real Estate Payoffs

Find out everything you need to know to pay off your real estate loan and what steps are to be taken once that is completed.

Good to Know:

                          • The Credit Union can provide you with a payoff statement at any time.
                          • Find out how your escrow account is handled once your Real Estate Loan is paid in full.

 

FAQs

How do I obtain a payoff statement?

 

If you need to obtain a payoff statement on your mortgage the mortgage servicing department will assist you.  Please contact Mortgage Servicing at This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

What happens to my escrow account when my loan is paid in full?

 

When a mortgage loan is paid in full the payoff is calculated by subtracting the current escrow balance from your payoff amount.  Once the mortgage is paid in full you will be responsible for paying your own taxes and insurance.

 

How do I get a release of lien?

 

 

If your mortgage is paid off from a title company the release of lien will be prepared and sent to that title company for filing. If you pay off the mortgage yourself you will receive the release of lien and will need to file it with the county in which the property is located.

 

  

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