Frequently Asked Questions
- Mortgage Application FAQ
- Mortgage Servicing FAQ
- Home Equity and Home Equity Line of Credit (HELOC) FAQ
- Where do I mail my mortgage payment?
Payments can be mailed to PO Box 19549 Sugar Land, TX 77496-9549
- When will I receive my coupon book to make my payment or when will I received my payment information packet?
There is a payment coupon included in your closing package; you should start receiving a monthly statement after your first billing cycle, approximately 30 to 45 days after closing.
- Can I make my mortgage payments online using my HFCU share account?
Yes, you can make payments from your HFCU share account (savings, checking, and money market) by:
Logging into account
Choose the Transfer from account (HFCU Savings or HFCU Checking)
Choose Pay to account (you should see your Mortgage and any other loan and savings/checking you are not paying from)
Select Amount to Pay
- How do I set up an automatic payment for my new mortgage loan from another institution?
You will have an option at your mortgage closing to enroll in a mortgage payment EFT/ACH payment option, aka: automatic draft, by filling out the automatic payment form included in your closing packet and attaching a voided check so HFCU can set up the automatic payment after the loan closes with no further steps from you, the borrower.
If you want to set up this process after your mortgage closes, please contact HFCU member service for the appropriate form by calling 281-243-0500. Once received, please fill the form out, sign, and email directly to firstname.lastname@example.org.
- Can I pay my mortgage with a credit card?
No, you cannot make a mortgage payment with a credit card, however, you can setup automatic mortgage payments, so that your monthly payment can be withdrawn automatically from your HFCU checking/savings account or a checking/savings account you hold at another financial institution. Instructions for both options are listed above.
- I want to make a mortgage payment but I am unsure if my loan # or account # is the same as my HFCU account number?
No, your mortgage loan number is not the same as your HFCU account number. Your mortgage loan number will be located on your billing statement which you should receive 30-45 days after your mortgage closing.
- What if I want to pay more than the minimum payment; how do I pay more towards my principal payment vs interest?
When you make your regular monthly mortgage payment, you can include an additional amount to be applied directly to your principal. If you’re paying by check, please indicate by writing the amount of the extra principal payment on your Mortgage Account Statement coupon where designated. Additional principal payments will only be applied after the current month’s full payment has been applied.
- What is an escrow account?
An escrow account allows us to pay the required insurance and/or taxes on your property for you. You pay a portion of your taxes and/or insurance premiums as part of your monthly mortgage payment. Then, when taxes and/or premiums are due, HFCU pays the taxes and insurance due on your behalf with the money in your escrow account.
- What is an escrow analysis?
Every year, we review your escrow account to make sure there’s enough money in it to cover your taxes and/or insurance premiums. We send you a summary statement of this report, called an escrow analysis. It includes a review of activity in your escrow account during the past 12 months, with projections for the next 12 months. This helps us determine the amount you need to pay into your escrow account each month, so we can pay your taxes/or insurance expenses on your behalf for the next 12 months. Your escrow account may need to be adjusted during the course of your mortgage, based on changes to your property taxes and/or insurance costs.
- What causes an escrow shortage?
There are a few reasons why you might not have enough money in your escrow account to meet minimum required balance:
Your property taxes and/or insurance premiums increased.
Your taxes were reassessed.
Your insurance provider(s) changed.
The due date of your property taxes and/or insurance premiums changed.
You made fewer escrow payments into your account than expected.
Your starting escrow balance for the 12-month period was lower than expected due to the higher payouts the prior year.
If you have questions about an increase in your property taxes or homeowners insurance premiums, please contact your local taxing authority or insurance agent.
- I am escrowing and have changed my insurance, who do I speak to regarding updating my account?
Yes, you can contact mortgage servicing for assistance via email at email@example.com or calling 281-243-0500 and requesting to speak to mortgage servicing.
- What happens if my property taxes increase, will this change my monthly payments?
Yes, if the value of your home increases and your taxes increase, if you escrow your taxes and insurance, your payments could increase. The taxes assessed on your property are based on the previous year’s tax value.
- Who is my mortgage loan servicer?
Houston Federal Credit Union (HFCU) is your mortgage loan service provider.
- What happens if I’m unable to make my mortgage payment?
If you’re unable to make your payment for any reason, please contact our Mortgage Servicing department by emailing them at firstname.lastname@example.org or call 281-243-0500 and ask to speak to someone in the “Mortgage Servicing” department.
- When will I receive my year-end statement of interest paid on my mortgage for tax filing purposes?
Year-end interest-paid statements (IRS Form 1098) are mailed out by the end of January. Email us at email@example.com if you don’t receive it by February 15.
You may also be able to access a copy of your IRS Form 1098 by going to the Account Details tab for your mortgage account in HFCU Online Banking.
- Can I set up my mortgage payments to be paid every two weeks?
At this time we do not offer bi-weekly or semi-monthly payment options.
- What is a mortgage lien release?
A mortgage lien release (in some states/territories this document may be called a reconveyance deed) is a document sent by your mortgage company to your local county recorder’s office after your mortgage loan is paid off.
The lien release states that lien holder is releasing its rights to the property. The county recorder’s office will record the lien release.
Timeframes vary by county and can take up to six months for recording.
- How do I request a lien release from HFCU when one is not available in county records?
Please allow 90 days after the mortgage loan has been paid off before contacting the applicable county recorder’s office to obtain a copy.
If a copy is not available with the county recorder’s office after 90 days, please email firstname.lastname@example.org or call the HFCU Member Service team at 281-243-0500 and request to speak to mortgage servicing in order to submit a lien release request.
When contacting HFCU member service, please have the loan number available for the lien in question. If you do not have a loan number, please be prepared to provide the below information:
Full Name of all borrowers on the loan
Loan amount and year of lien
- How long does it take for HFCU to process a lien release request and submit the request to the county once my mortgage is paid off?
Please allow HFCU 15 business days to process the lien released request and submit the request to the county.
- Will I be charged a fee for a payoff statement?
There is no charge to have a payoff statement faxed to you directly or to a third party authorized by you.