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Written by
Taylor Freitas
Taylor Freitas is a freelance writer and has contributed to publications including Bankrate, LA Weekly, CNET and ZDNet.
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Jeffrey Beal
Jeffrey L. Beal, president of Real Estate Solutions, has 40 years' experience in multiple phases of the real estate industry.
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Your mortgage statement has important details about your loan balance and payments. You should receive a statement each month from your mortgage servicer. Here, we’ll tell you what a mortgage statement looks like, so you’ll know exactly what to expect every month.
A mortgage statement is a document containing the latest details about your loan, including your monthly payment. The law requires your mortgage lender or servicer to send you statements for each billing cycle.
Mortgage statements are typically issued once a month via mail. You can also find them on your lender’s or servicer’s website. You might be able to receive them electronically, but it may be easier to spot any errors on a hard copy versus an electronic copy.
Part of what’s included in your mortgage statement is your outstanding loan balance and the loan’s maturity date — or when you’ll fully repay the loan. The statement will also include a breakdown of part of your payment history.
Your monthly mortgage statement contains a comprehensive overview of your loan and the progress you’re making in paying it off. But if you’re curious about what a mortgage statement looks like, here’s an example:
Most mortgage servicers will send you a monthly mortgage statement. You can receive the statement by mail, or your servicer may give you the option to receive it electronically. If you need another copy of your mortgage statement, you can get one through contacting your lender. Many lenders offer access to past statements through an app or online banking portal. Alternatively, you may be able to call your lender or visit a branch to get a copy.
If you’ve been paying your mortgage for a while, you might be tempted to give your monthly statement a brief look, make your payment and dispose of it. But these documents provide valuable information about your loan. Next time you receive a statement, take the time to carefully review the following for accuracy:
Unless you have an adjustable-rate mortgage (ARM), your interest rate should stay the same. If you do have an ARM loan, your statement shows how long your current rate is in effect.
The balance or outstanding principal, however, changes as you pay down the loan. You can use this information to help guide decisions around accessing your home’s equity, refinancing or selling your home.
If you don’t auto-pay your mortgage, keep an eye out for any late fees listed on your statement, too. Most lenders allow a 15-day grace period before they charge a late fee.
In addition, review the escrow payments. These go to an escrow account that covers your homeowners insurance premiums and property taxes. Since premiums and taxes can fluctuate year to year, your monthly payment might go up or down (likely up) over time.
If you’re behind on your mortgage payments by 45 days or longer, your statement will also include a “delinquency notice.” If this is the case, contact your servicer right away to explore relief options.
Mortgage servicers often have several ways for you to pay your mortgage, including:
Note that most mortgage servicers require payment by check or an electronic transfer of funds. Most servicers do not accept credit cards. Your mortgage statement often indicates the way your servicer accepts payment.
Need guidance on how to get a current mortgage statement to review your loan details? Log in to your online account or reach out to your lender or servicer.
It’s a good idea to keep your mortgage statements for three years. Even with electronic access, you never know when you’ll need a hard copy. If you’ve noticed issues with your servicer, you may want to hold on to statements longer for proof of payment.
The law requires mortgage servicers to send one mortgage statement per billing cycle. If a billing cycle is less than 31 days, servicers are only required to send you a monthly statement.
Arrow Right Contributor, Personal Finance
Taylor Freitas is a freelance writer and has contributed to publications including Bankrate, LA Weekly, CNET and ZDNet.
