Faq’s2019-01-22T07:21:36+00:00
The 1098 year-end statement I received was reported in my ex-spouse’s name and Social Security number. Can you correct it to reflect my name and Social Security number?2019-01-18T11:47:04+00:00

Interstate reports interest under the primary mortgagor’s Social Security number. We do not determine how the interest is claimed on your tax return. Any legal documents you have should reflect who has the right to claim the interest paid. You should seek assistance from a tax professional to ensure you are claiming the correct amount. Interstate Home Loan Center does not give tax advice.

There are multiple property owners on the loan, but you have only reported the interest under one Social Security number. Why did you not report under both Social Security numbers?2019-01-18T12:16:08+00:00

Interstate reports interest under the primary mortgagor’s Social Security number. We do not determine how the interest is claimed on your tax return. You should seek assistance from a tax professional to ensure you are claiming the correct amount.

How can I obtain a copy of my 1098 interest statement?” is locked2019-01-18T11:47:37+00:00

If you lost your 1098 interest statement, or need an additional copy at a later date, you may access a copy on our web site on the “Year End Statement” tab or simply call Customer Service at (800) 313-8618 and a copy will be mailed to the mailing address on file for the primary borrower. We do not fax or email year end statements.

When will my year-end 1098 interest statement be mailed?2019-01-18T11:47:45+00:00

Interstate is required to mail the annual year-end statement by January 31st of each year.

How do I know of my taxes have been paid?2019-01-18T11:48:06+00:00

This information is included in your billing statement and is available through our website. Log on to our website. Once you have logged in, select “History or Tax and Insurance.” Also you will receive a very detailed annual escrow analysis statement that will show, among other items, moneys collected, disbursements made, and anticipated disbursements for the coming year.

What if I received a notice of delinquent taxes? What do I do?2019-01-18T11:48:52+00:00

If your account is non escrow you will need to pay the taxes immediately. If your account is escrowed for taxes, you will need to contact our Tax Department at (800) 313-8618

Why did I receive a letter stating I need to provide a receipt for taxes paid?2019-01-18T11:50:41+00:00

If you have a non-escrowed account, you are responsible for the payment of the taxes when due. When First Mortgage Company receives information from the taxing authority that your taxes are past due, we send you a letter requesting proof of payment. If you paid your taxes, please mail proof of payment to First Mortgage Company at:

Interstate Home Loan Center
Attention: Tax Department
40 Marcus Drive, Suite 100
Melville, NY 11747

Please write your loan number on the face of the receipt.

I have an escrow account and received a supplemental tax bill. What do I do?2019-01-18T11:51:10+00:00

Supplemental bills are your responsibility. Supplemental bills should only occur one time after a change of ownership takes place or for new construction once the property has become occupied.

Where do I send my tax bill?2019-01-18T11:51:21+00:00

Interstate has a tax service that will obtain your bill for us. If you have an escrow account for the payment of property taxes and you receive your bill, you may retain it for your records or write your loan number on the bill and mail it to:
 

Interstate Home Loan Center
Attention: Tax Department
40 Marcus Drive, Suite 100
Melville, NY 11747

 

 

What happens if a there is a shortage in my escrow account?2019-01-18T11:51:55+00:00

If your escrow accounts balance is less than the required amount needed at the time of your analysis, your escrow account may have a projected shortage. Your escrow shortage is automatically spread over a 12 month period and included in your monthly payment. You do, however, have the option to pay the escrow shortage in part or in full. If you choose to pay the escrow shortage, your monthly mortgage payment will adjust. When remitting the shortage payment, be sure to indicate on the face of your check “Escrow Shortage Only.” If you believe the shortage is incorrect please compare the anticipated escrow disbursement amounts for those items escrowed according to your statement with your annual tax bill and/or insurance renewal to ensure the amounts are correct.

What is an escrow cushion?2019-01-18T11:52:00+00:00

An escrow cushion is allowed by federal and most state laws and acts as an additional safeguard to cover unanticipated disbursements or disbursements made before all of your payment have been made into your escrow account. The maximum allowable cushion is equal to two monthly escrow deposits unless otherwise required by state law.

How do I find out the balance of my escrow account?2019-01-18T11:52:45+00:00

Contact Customer Service at (800) 313-8618 Monday thru Friday 8:00 am to 5:00 pm (EST).

What part of my payment is being applied to my escrow account?2019-01-18T11:54:11+00:00

The amount applied to your escrow account is determined by the amount needed to pay your taxes and/or insurance on a yearly basis. This amount will change only when the amount needed to pay these items either increases or decreases, or the scheduled payment for the last year has not been met. You can find the amount of your escrow payment listed on your monthly billing statement or by visiting the “Loan Details” section of our website.

Is an initial deposit required to establish an escrow account?2019-01-18T11:54:26+00:00

There is no fee required to establish an escrow account with Interstate; however, a deposit for the purpose of creating an initial balance in your escrow account is needed. Over the first twelve months your escrow account is active, We will collect this deposit in 12 equal payments. This amount is in addition to that which is collected to pay all installments of taxes and/or insurance premiums that will be paid from your escrow account.

How do I set up an escrow account for my property tax and insurance?2019-01-18T11:54:58+00:00

Contact our Customer Service Department for requirements on how to set up an escrow account by calling (800) 313-8618.

Why did my escrow payment go up?2019-01-18T11:55:43+00:00

Escrow payment amounts may increase if there is a shortage of funds in your escrow account. Some of the most common reasons for escrow shortages are: 1.) an increase in annual property taxes; 2.) An increase in your annual insurance premium; and 3.) if the actual tax or insurance payment from escrow differs from the original estimate. If you have questions about an increase in your property taxes or homeowner’s insurance premiums, please contact your local taxing authority or insurance agent respectively. They are the best source of information to explain changes in your bill.

Why did my index go down, but the interest rate went up?2019-01-18T11:56:11+00:00

There are two situations where your interest rate may rise although the index has gone down. First, if your initial interest rate was a discounted rate, it will raise by at least the margin on your first adjustment date, regardless of how the index is moving. Second, if the prior interest rate adjustments were limited by a Periodic Change Cap, the next change may be to a higher rate even if the index goes down.

Can I convert my loan from an ARM to a fixed rate loan?2019-01-18T11:56:44+00:00

If your loan documents state that you have a “Fixed Rate Conversion Option” at the top of your Adjustable Rate Note, you may be eligible to convert your rate and should request further information on the conversion procedure by contacting our Customer Service Department at (800) 313-8618, 8:00 am – 5:00 pm EST, Monday-Friday. Unless your loan documents specifically allow for this option, you would need to refinance to get a fixed-rate loan.

What is negative amortization?2019-01-18T11:57:04+00:00

Negative amortization occurs when the monthly payments do not cover all the interest owed. The interest that is not paid in the monthly payment is added to the loan balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments that are not high enough to cover the interest due or when the minimum payments are set at an amount lower than the amount you owe in interest.

What is an Interest Rate Cap?2019-01-18T11:57:23+00:00

An interest rate cap limits the amount your interest rate can change at each adjustment. There can be two types of caps: Periodic Change caps, which limit the amount the rate may increase or decrease at each change; or Life of Loan caps, which specify the highest or lowest that your interest rate can be over the life of the loan.