Billing statements can sometimes be confusing. There’s the overall payment, but what are you really being charged for? Your mortgage payment is made up of the principal, interest, taxes, homeowners insurance and sometimes homeowners association dues.
Here at Quicken Loans, one of our ISMs – or company philosophies – states, “Simplicity is genius.” With that in mind, we’ve redesigned our billing statement so it’s easier to find the information you need.
We’ve also added some great new capabilities for those of you who make your payment over the phone.
We’ve redesigned our billing statement to make it easier for you to find the information you need and get on with your life.
The first thing you’ll notice about the new statement is a big box in the top right-hand corner, where you can get a quick peek at your most important payment details. This box includes your loan number and the property address as well as crucial information such as the statement date, due date and amount due.
A separate box underneath shows additional loan information, including the original loan amount and your interest rate, along with your principal balance. Knowing your original loan amount and current balance can help you see your advancement in paying off your mortgage.
Your escrow balance will also be included here. If you see a negative balance in this area, it means you have a shortage due to increased insurance premiums or the fact that your taxes went up with your property value.
Knowing your loan information is one thing, but let’s not lose track of the reason we like knowing that information. We want to know how close we are to actually paying the loan off. And if you know where you’ve been, it can also help you to predict where your payment is going in the future. That’s where the payment history comes in.
The payment history section shows not only your last payment but also all the payments you’ve made in the last year. This will help you determine the overall funds you’ve put toward principal, interest, taxes and insurance.
On the second page, you can see all the activity that’s occurred with your loan since your last statement. This helps you to see how your payments are allocated every month.
For example, it would help you find out when taxes and insurance were paid using the money in your escrow account.
Current Payment Breakdown
We’ve all paid our bills and then wondered where all that money actually goes every month. If you take a look at your payment breakdown, you can see not only how much of your mortgage payment is going to the principal and interest but also what you pay on a monthly basis for mortgage insurance, homeowners insurance and property taxes.
This section also shows any escrow overage or shortage and any advances that may have been paid on your behalf.
If we have something we need to make sure you see, it’ll be in this section at the top of your statement. You might see a notification that your homeowners insurance is about to renew or a message about an opportunity to sign up for electronic payment options.
Improved Phone Payment Experience
If you like to make your payments over the phone, we’ve made a few improvements to our interactive voice response system in order to better serve you. You’ve always been able to make your payment quickly and easily by calling (800) 646-2133 and providing us with some basic information like your loan number, bank account and routing number.
But now, if you have a co-client on your loan, that client will also now be able to make payments through the automated system, which can save you valuable time.
In addition to allowing co-clients to make payments through our interactive voice response system, we’ve also added a zip code verification prompt in order to provide an additional layer of security to protect your personal information while maintaining a smooth payment experience.
That’s the skinny on our new billing statement and phone payment changes. If you have any additional questions, please let us know below, and we’ll get you the answers.
The post Quicken Loans Revamps and Simplifies Its Billing Statement appeared first on ZING Blog by Quicken Loans .