What is a mortgage statement?

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    Jordan Moore
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    #28723
    Jordan Moore
    Keymaster

    A mortgage statement contains details about your loan. Lenders send a mortgage statement every billing cycle – usually monthly. It contains:

    • the principal balance and description of the same
    • breakdown of the history of past payments 
    • interest rate details, changes if you’re  on an adjustable-rate mortgage
    • latest amount to be paid 
    • payment breakdown
    • payment information
    • contact information
    • delinquency information indicating if and when you miss a payment – typically more than 45 days
    • account information

    You also get the following details about your mortgage lender in your statement:

    • your lender’s name, address, phone number, email, and website.
    • your mortgage loan account number
    • payment due date
    • grace period
    • escrow payment
    • maturity date 
    • prepayment penalty (some lenders charge a fee for early mortgage repayment – within the first three to five years)

    A mortgage statement thus helps keep track of every detail about your mortgage payments and can help you plan your monthly budget, even with plans to refinance or pay off your mortgage early, or keep track of on-time or missed payments.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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