Yes. We'll send a confirmation letter with the date of your first draft. Please continue to make your mortgage payment until you receive the confirmation letter and the draft date has been confirmed.
READ MOREA short-term loan that is paid off through fixed monthly payments, followed by one large, final payment (the 'balloon') of the entire remaining loan balance. The balloon mortgage is amortized as though it were a long-term fixed rate loan, resulting in low monthly payments, but after a specified time period (usually five, seven or 10 years) the entire remaining balance is due and payable in full.
READ MOREFind out if now is a good time for you to refinance to reduce your monthly payment,1 get extra cash or switch to a different loan type or term. Simply enter some information on your current loan, plus the new loan you're considering, and we'll calculate your potential savings. 1By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
READ MORELearn more about your recently transferred mortgage.
READ MOREAn escrow analysis is typically performed annually, to ensure sufficient funds are being collected to avoid escrow shortages and overages. However, off-schedule analyses are also performed to ensure sufficient funds are available. Any increase or decrease to your annual property taxes and/or insurance premiums may cause your mortgage payment amount to change. We provide details of your analysis in the Escrow Account Statement. For more information, visit the Escrow Education Center.
READ MORETo find your property tax amount, log in to your account on PHHMortgage.com. The My Loan tile shows upcoming tax disbursements under "Taxes and Insurance." You can also see past tax disbursements in the "Payment History" section. If you are not registered on PHHMortgage.com, you can find the property tax amount on your most recent escrow analysis, or you can contact your local tax authority.
READ MOREMortgage insurance helps you to get a mortgage without having to make a substantial down payment. By paying a mortgage insurance premium, you can purchase a new home with less than 20% down. Mortgage insurance protects the mortgage investor if the account becomes past due. The most common types of mortgage insurance are private mortgage insurance (PMI) and insurance through the Federal Housing Administration (FHA), called a mortgage insurance premium (MIP). If you are...
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