Who do you Pay?
On your closing paperwork, you’ll see who you will pay. It’s not always the lender you close with, especially if you use a broker. Many lenders use loan servicing companies to handle the payments. You’ll receive a document at closing, and preprinted coupons to tell you who you’re paying. If you aren’t sure, call the 1-800 number provided on your documents or call your loan officer.
Where does your Monthly Payment Go?
Your monthly payment covers a few things, depending on how the lender set your payment up including:
What Happens if you Miss a Mortgage Payment?
It’s important to stay on track with your mortgage payments, but if you miss one (or more), here’s what to do.
Stay on track with your mortgage payments and if you can’t, talk to your lender. If you have a good payment history but struggle with your payments, you may be able to refinance to lower your payment or take advantage of mortgage forbearance if you’re experiencing temporary financial issues.