Accessing Your Mortgage Statement: A Quick Guide

A mortgage statement is a document that contains important information about your loan servicer, your payment schedule, your loan balance, and more. It is typically issued once a month via mail, but can also be found on your lender's or servicer's website. If you are the primary borrower on a mortgage, you will receive a paper statement, while any additional borrowers can view and download these statements online. Your monthly mortgage statement can be used to stay on top of your mortgage payments and track how much money you've spent on each part of your most recent mortgage payment. It is important to review your statement each time it arrives to quickly spot any problems. If you don’t receive your annual mortgage statement, or if you do but it’s incorrect, reach out to your lender to request an updated Form 1098 document.

Online or by mail

If you are the primary borrower on a mortgage, you will receive a paper statement at the address you have provided. If you are an additional borrower, you can view and download these statements online by signing in to your account. You can also opt for paperless statements.

To view your statements online, sign in to your account via the mobile app or website. Then, select Documents, More, Accounts, and then your mortgage loan. From there, you can view and download your statements.

If you are the primary borrower and have a mail delivery preference, your statement will be mailed by January 31. If you receive a coupon book in the mail, it will typically include the servicer's contact information, your account information, and the amount due. You may need to contact the servicer to request other information, such as an explanation of the amount due or past payment information.

If you are having trouble locating your most recent mortgage statement, consider contacting your mortgage servicer using the contact information on your statement or online.

Late fees

To avoid late fees, it's important to review your mortgage statement each time it arrives and stay on top of your mortgage payments. Most lenders offer autopay or a similar payment option to ensure timely payments. If you're having difficulty making payments, you should contact your loan servicer to discuss your options.

Escrow accounts

An escrow account is a way for your lender to help you manage the additional expenses that come with buying a home, such as property taxes and homeowners insurance. These expenses are included in your mortgage payment. The funds in an escrow account are yours, but your lender or servicer pays these bills out of your escrow account to ensure timely payments.

While not every mortgage requires an escrow account, certain loan programs or lenders require escrow accounts as a condition of the loan. The Real Estate Settlement Procedure Act (RESPA) protects you by strictly controlling how a lender handles an escrow account for a mortgage. The lender is not allowed to charge an excessive amount for the escrow account during the course of the loan, and there are limits on the amount that a lender may require you to put into the account.

To set up your mortgage escrow account, the lender will calculate your annual tax and insurance payments, divide the amount by 12, and add the result to your monthly mortgage statement. Each month, the lender deposits the escrow portion of your mortgage payment into the account and pays your insurance premiums and real estate taxes when they are due. Your lender may require an “escrow cushion”, as allowed by state law, to cover unanticipated costs, such as a tax increase. If the estimated amounts are higher than actually needed, the overage balances will be refunded or credited to you.

Your lender will perform an escrow analysis annually, which helps ensure there will be enough funds in the account to cover future tax and insurance payments. This process involves reviewing the account activity from the previous 12 months and making projections for the upcoming 12 months. Your lender will provide these details in your annual escrow analysis statement. Your statement will also let you know if your monthly escrow payments will change for the coming year and whether there is a shortage or surplus in your escrow account.

Annual mortgage statements

A mortgage statement is a document that contains important and valuable information about your home loan. It is a standard format document that includes specific details about your mortgage, such as the current balance owed, interest charges, interest rate changes (if you have an adjustable-rate mortgage), and a breakdown of your current and past payments.

Mortgage lenders are required by law to provide you with a mortgage statement for each billing cycle during the life of your loan. You should receive a statement each month from your mortgage servicer, which can be accessed by mail or electronically. It is important to review each statement for accuracy and to keep track of how quickly you are paying off your loan.

In addition to the monthly statements, you should also receive an annual escrow account statement that details whether you have enough funds to cover future payments. Lenders are not required to list your escrow account's current balance on your monthly mortgage statements. However, this information can be found on your annual escrow account statement or your monthly mortgage statement if the lender chooses to include it.

Another important annual statement is the IRS Form 1098, also known as the Mortgage Interest Statement. This form lists the mortgage interest you have paid to a given source during the tax year. It is required by the IRS and can be used to help you decide whether to itemize your deductions and claim the home mortgage interest deduction or opt for the standard deduction.

Contact information

If you are unable to find your most recent mortgage statement through your online account, you can contact your mortgage provider or lender directly. They will be able to assist you in accessing your statement and can provide guidance on how to locate it in the future.

Most mortgage providers have dedicated customer support teams that can be reached by phone, email, or live chat. When contacting them, be prepared to provide your loan or account number, as well as any other identifying information they may require. This could include your name, address, and date of birth.

It is worth noting that response times may vary depending on the method of contact. Phone support often provides the quickest response, while email and live chat options may take longer. Some providers also offer support through social media platforms, such as Twitter or Facebook.

When you reach out, clearly communicate your query and explain that you are unable to locate your most recent mortgage statement. If you have any specific concerns or issues related to your mortgage, this is also an opportune moment to address them.

By actively engaging with your mortgage provider's customer support team, you can efficiently obtain your latest mortgage statement and gain valuable insights into independently accessing it in the future.

Frequently asked questions