How To Make Your Monthly Mortgage Payments
Now that you’ve finalized the financing and closed on your new home loan, it’s important to know where to make your monthly mortgage payments. This is where your loan servicer comes in. The process can seem confusing at first, which is why we’re here to help you successfully transition into making monthly payments on your new mortgage. This page answers the most common questions on loan servicing and where to make your mortgage payments after you close on a home.
Loan Servicing FAQ
- Is there payment information in my closing paperwork?
Yes—included in your loan closing paperwork is a “First Payment Letter,” giving you a breakdown of your payment information, and temporary payment coupons.
- What is a “payment coupon” and how do I use it?
Payment coupons are pre-addressed forms that will help you make mortgage payments until you begin to receive billing statements. While your first statement is typically mailed before your first payment is due, these coupons will help should your statement not be received in time, the statement is misplaced, or if you want to make an early payment.
- Will I always make my payments to Penrith Home Loans?
No—Penrith Home Loans is a mortgage lender, responsible for funding your mortgage. Loan servicers (where you’ll make payments) differ from lenders as servicers handle payment processing and monthly statements. In some cases*, Penrith may act as a temporary loan servicer until your loan is officially transferred, meaning your first payment may go to Penrith while your permanent loan servicer is being set up.
- How do I know who is my permanent loan servicer?
You will receive a welcome letter from your permanent loan servicer notifying you that your loan is being transferred and when to start making payments to them. Once you are assigned a permanent servicer, this will be where you make the rest of your mortgage payments.
*If your mortgage has not been transferred to a permanent loan servicer before your first payment is due, your first payment will go to Penrith Home Loans. Once assigned, you no longer pay to Penrith.