Billing statements can sometimes be confusing. There’s the overall payment, but what are you really being charged for? Your mortgage payment is made up of the principal, interest, taxes, homeowners insurance and sometimes homeowners association dues.
Here at Quicken Loans, one of our ISMs – or company philosophies – states, “Simplicity is genius.” With that in mind, we’ve designed our billing statement so it’s easy to find the information you need.
Before we take a guided tour of your billing statement, we do have a change to when we send our statements that will go into effect starting in November, so we wanted to make you aware of it.
When You’ll Get Your Statement
In the past, we’ve sent your statement after a full payment was applied to your loan. On occasion, this meant that some clients received multiple statements in one month. We understand you get a lot of mail and don’t want to add to the pile unnecessarily.
Beginning in March 2019, you’ll still get your billing statement, but it will be sent between the 12th and 15th of every month. This means we’ll be sending all statements about two weeks prior to your bill being due on the 1st. This ensures that only one statement per month will be sent to Quicken Loans clients. This statement will show your payment activity from the last statement up to the eighth of the month. All activity beyond that point will be reflected on the statement for the next month. For example, the statement period would run between Feb. 8–March 8. This also means that your statement’s “Last Paid” or “Loan Activity” sections may be showing with no payment activity. If you are looking for information pertaining to your previous transactions, you can reference your previous statements or view your Transaction History on RocketMortgage.com®.
Your payment will still be due on the 1st of the following month. For example, the statement you receive in March would have a due date of April 1. The grace period for your monthly mortgage payment still lasts until the 16th of each month. If you have automatic payment set up, nothing is changing about your settings. All payment emails and letters will remain unchanged. Also, you can sign in to RocketMortgage.com® anytime to view your most recent transactions and up-to-date history. If you need assistance logging in, you can speak with one of our client advocates at (800) 508-0944.
A Tour of Your Billing Statement
The goal of our billing statement is to make it easy for you to find the information you need and get on with your life. You can view a mockup of the statement, but let’s go over the features.
The first thing you’ll notice about the statement is a big box in the top right-hand corner, where you can get a quick peek at your most important payment details. This box includes your loan number and the property address as well as crucial information such as the statement date, the due date and the amount due.
A separate box underneath shows additional loan information, including the original loan amount and your interest rate, along with your principal balance. Knowing your original loan amount and current balance can help you see your advancement in paying off your mortgage.
Your escrow balance will also be included here. If you see a negative balance in this area, it means you have a shortage as a result of increased insurance premiums or the fact that your taxes went up along with your property value.
Knowing your loan information is one thing, but let’s not lose track of the reason we like knowing that information. We want to know how close we are to paying the loan off. And if you know where you’ve been, it can also help you predict where your payment is going in the future. That’s where the payment history comes in.
The payment history section shows not only your last payment but also all the payments you’ve made in the last year. This will help you determine the overall funds you’ve put toward principal, interest, taxes and insurance.
On the second page, you can see all the activity that’s occurred with your loan since your last statement. This helps you to see how your payments are allocated every month.
For example, it would help you find out when taxes and insurance were paid using the money in your escrow account.
Current Payment Breakdown
We’ve all paid our bills and then wondered where all that money actually goes every month. If you take a look at your payment breakdown, you can see not only how much of your mortgage payment is going to the principal and interest but also what you pay on a monthly basis for mortgage insurance, homeowners insurance and property taxes.
This section also shows any escrow overage or shortage and any advances that may have been paid on your behalf.
If we have something we need to make sure you see, it’ll be in this section at the top of your statement. You might see a notification that your homeowners insurance is about to renew or a message about an opportunity to sign up for electronic payment options.
That’s the skinny on our billing statement. If you have any additional questions, please let us know below, and we’ll get you the answers.
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