Mortgage Payments

You’re probably curious why we’ve created an entire section about mortgage payments. However, since a mortgage payment is one of the major side effects of purchasing real estate with a home loan financing program, we thought it would be important to highlight a couple topics and related articles about mortgage payments that may impact your monthly budget.

Mortgage Payment Basics

Just in case your first mortgage payment comes due before you get your first payment coupon in the mail, there should actually be a temporary payment coupon included with your closing documents.


Your mortgage payment is generally due at the beginning of the month, and most lenders start assessing late fees on the 15th. It is extremely important to remain under 30 days late on a mortgage payment, especially within the first 8-12 months of closing on a new loan.


When you receive your first mortgage bill, there will be a few numbers that add up to your total payment:

Principal

This is the portion that goes towards paying down your balance. An Amortization Schedule will break down the exact amount of each payment that is being applied to the principal and interest.

Interest

This is the portion that goes towards paying down your balance. An Amortization Schedule will break down the exact amount of each payment that is being applied to the principal and interest.

Taxes

This is the portion that goes towards paying down your balance. An Amortization Schedule will break down the exact amount of each payment that is being applied to the principal and interest.

Insurance

This is the portion that goes towards paying down your balance. An Amortization Schedule will break down the exact amount of each payment that is being applied to the principal and interest.

Mortgage Insurance

This is the portion that goes towards paying down your balance. An Amortization Schedule will break down the exact amount of each payment that is being applied to the principal and interest.

Frequently Asked Questions

What Is An Impound Or Escrow Account?

You’ve heard of the acronym PITI (Principle, Interest, Taxes and Insurance). The escrow account covers the T&I, and is included in the monthly payment.

Are Impound Accounts Required?

This is the portion that goes towards paying down your balance. An Amortization Schedule will break down the exact amount of each payment that is being applied to the principal and interest.

If I refinance my existing loan, what happens to my impound account?

This is the portion that goes towards paying down your balance. An Amortization Schedule will break down the exact amount of each payment that is being applied to the principal and interest.

Can I set up an Escrow account later?

This is the portion that goes towards paying down your balance. An Amortization Schedule will break down the exact amount of each payment that is being applied to the principal and interest.

TIRED OF LOOKING AT SCREENS AND WANT TO TALK TO A REAL PERSON?

CONTACT US

833.WAYMAKR (929.6257)

512.943.2243 – Call/Text

Text QUALIFY to 512.943.2243

605 River Bend, Ste. 100

Georgetown, TX 78626

Waymaker Mortgage and The Scottie Campbell Mortgage Team are a division of Groves Capital, Inc.

Company NMLS # 1678775 | Individual NMLS # 1610726

Copyright 2022 @ Waymaker Mortgage, Waymaker Lending LLC, Waymaker Unlimited Inc. and its licensors | All rights reserved.

Privacy Policy | Accessibility Policy | Terms of Service | Designed by people who care about your American Dream.

© Copyright 2022 Waymaker Mortgage powered by KMG Capital, Inc. | (www.nmlsconsumeraccess.org) | Terms, conditions, and restrictions may apply. Loan products are subject to availability and credit approval. Not a commitment to extending credit. Hometown Lenders USA AZ BK-0949142. Licensed by the Department of Corporations under the California Department of Financial Protections & Innovation. Company License # 41DBO60614. | Mortgage Company Complaint


Waymaker Mortgage Co. powered by Groves Capital, Inc. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking

Texas Mortgage Banker Disclosure – Figure: 7 TAC 81.200(c) “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”


205 ILCS 635/2-9 Posting of license

The license of a licensee whose home office is within the State of Illinois or of an out-of-state licensee shall be conspicuously posted in every office of the licensee located in Illinois. Out-of-state licensees without an Illinois office shall produce the license upon request. Licensees originating loans on the Internet shall post on their Internet website their license number and the address and telephone number of the Commissioner. The license shall state the full name and address of the licensee. The license shall not be transferable or assignable. A separate certificate shall be issued for posting in each full-service Illinois office. Licensee shall post on their internet web site the address and telephone number of the IDFPR. James R. Thompson Center

IDFPR-Residential Mortgage Banking

100 W. Randolph, 9th Floor

Chicago, Illinois, 60601

Tel: (844) 768-1713