How do I manage my monthly mortgage payment?

A mortgage statement usually comes on a monthly basis. Your statement contains the following information (as well as other information):

• Customer service contact information for your mortgage servicer
• The amount due
• The due date
• Your interest rate
• Fees and charges
• Information about any past due payment, late fees, and how much you must pay to bring the account current if you are delinquent on your loan for more than 45 days

Review your statement each time it arrives. This can help you spot problems quickly. If you don’t understand something on the statement, contact your mortgage servicer using the contact information on the statement. You can also send a written request for information.

Consider setting up automatic payments with your mortgage servicer or through your bank or credit union. This can help you stay on track.

What to do if you get a coupon book

Not everyone receives a periodic mortgage statement. Some people may receive a coupon book. Servicers usually send out coupon books in the mail once a year. Coupon books usually have payment slips (“coupons”) that you tear out and return with your payment. If you receive a coupon book, it might only include the servicer’s contact information, your account information, and the amount due. You may need to contact the servicer to request other information, for example, an explanation of amount due or past payment information.

Some servicers may not send mortgage statements or coupon books but instead may send you an email or other type of notice telling you what to pay. If you aren’t sure, contact your mortgage servicer. You can also send a written request for information.

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