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After Your Loan Closes After your loan closes, your first monthly payment will be due in four to six weeks, depending on what day of the month you closed. You'll receive a closing package at escrow which contains copies of the important documents that you signed. In that package, you'll also find a "First Payment Letter" which will explain when and how your first payment should be made. It will also explain how each regular payment will be made. Lenders have different methods by which they receive mortgage payments so it's critical that you learn how to send it. Ask your escrow officer to verify in writing how to send your payments each month. There will be a toll free number provided for your lender's loan servicing department in your closing package. You should call that number right away to confirm when your payments are due and the best method for delivery. A variety of loan payment options will be offered to you, including: Automatic Payment Payment Coupons Pay By Phone Pay Online The approved method of payment will depend on your lender but most will offer a similar variety. Make your selection carefully, particularly if you choose to have them automatically deduct the payments from your checking account. If you choose this method, carefully review your bank's policies on the practice.
Your Rights and Servicer Responsibilities Glossary of Mortgage Servicing Terms Mortgage Servicing Facts For Consumers  461 Cascade Way - Eastsound, WA 98245 Office Phone: (360) 376-5194 E-Mail: terrydonovan@sanjuanmortgage.com America's Wholesale Mortgage Broker TM 
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