You will need your loan number and social security number.
Your account number can be found in your Welcome letter and the first page of your monthly mortgage statement.
Once you’ve completed your My App registration, you can:
Delays can occur depending on the way your bank sends your online bill payment to us. There are three ways that your bank may do this.
Watch the video that explains the process of how your online bill pay payment works: https://vimeo.com/250651249
Caliber Home Loans PO Box 650856 Dallas, TX 75265-0856
Watch the video that explains the process of how your online bill pay payment works: https://vimeo.com/250651249
You have several options for making your next loan payment, which will not affect the recurring payments you’ve scheduled. You can:
Credit cards are not accepted by Caliber. We accept payments from your bank account or a mailed money order or cashier’s check.
You can set up free recurring payments online through your preferred bank account.
You have three options for making monthly loan payments:
You can choose from several convenient payment options, including:
One-Time Monthly Payments from your bank account:
Recurring payments from your bank account:
Log in to your account at https://myaccount.caliberhomeloans.com and select Make a Payment. Select Autopay and follow the prompts to schedule your payment.
If you are unable to enroll in ACH via the customer portal, please submit an inquiry attaching the ACH form.
Yes! Write your Caliber account number on a check, cashier’s check or money order payable to Caliber Home Loans and send it to the address below. Please allow seven to ten days for your payment to arrive.
Caliber Home Loans, Inc. P. O. Box 650856 Dallas, TX 75265-0856
Yes, Caliber offers two pay by phone options:
Caliber does not charge a fee for making a payment. You can pay in your preferred method, online, through our automated system or with a Customer Service Representative with no charge.
Here are details of each portion of a typical loan payment:
Principal: This is the portion of your payment that gradually reduces the balance that you borrowed.
Interest: The interest you pay is the cost of borrowing money. If you have a fixed-rate loan, this will not change unless you refinance. If you have an Adjustable-Rate Mortgage (ARM), your loan’s rate will adjust up or down at scheduled times – in accordance to the terms of your note.
Taxes: Most loans require an escrow account and will collect one-twelfth of your annual property tax amount in this account with each mortgage payment.
Insurance: Since your annual homeowner’s or hazard insurance premiums are only paid once a year, they’re considerably larger than most monthly bills. An escrow account that’s attached to your loan makes your tax and insurance premiums easier to manage as you pay 1/12th of each bill every month.
Mortgage Insurance: This is different than homeowner’s insurance, and is usually due if you bought your home with a small down payment. This is because most loans with less than 20% equity require Mortgage Insurance, or MI to protect your lender in case of default.
Depending on your loan, you may have up to 15 calendar days to make a monthly payment without incurring a late charge. Refer to your loan’s Closing Disclosure for details of your loan’s grace period, and how late fees are calculated.
Online Payments:
Mailed Payments:
Phone Payments (IVR or CSR):
Escrow is an odd term, but it’s easy to understand. At Caliber Home Loans, we use escrow accounts to make your life simpler and to protect you from sudden, unexpected large expenses. Here’s how it works.
Your mortgage loan finances the actual purchase of your home. However, as the homeowner, you must cover other costs in addition to the mortgage itself. That’s why almost every mortgage loan comes with an escrow account. Think of it as a sort of savings account to make sure you can cover those additional costs.
What are those other costs? There are two:
Your monthly Caliber Home Loan payment consists of payment on the principal of your loan and interest charges, plus, in most cases, payment into your escrow account. The escrow portion of your monthly payment is calculated to include the funds needed to pay for taxes and insurance when they come due. These tax and insurance payments happen automatically. You do not have to keep track of these items. All you do is make your monthly mortgage payment and everything is taken care of. When the tax and insurance bills come due, your lender pays them on your behalf from the escrow account.
We establish your escrow account at the time you close your loan. Your escrow account does not require any costs that you would not otherwise have to cover as the homeowner. The escrow account makes sure you do not miss critical tax or insurance payments. In fact, the escrow account will protect you from late fees, liens on your property, or even foreclosure. And by paying into your escrow account a little each month, you avoid having to produce one big lump sum at the time the bills are due.
Sometimes, the escrow portion of your monthly payment will change. This occurs when property tax rates or insurance premiums fluctuate from one year to the next. We will conduct an analysis each year to make sure that you are paying in enough to cover the bills. Any surplus at the end of the year is applied to the next year’s expenses.
Your escrow account begins with an upfront balance when you close your loan. Part of your closing will likely be depositing money to cover the first year of taxes as well as the first six month of insurance premiums. Years later, you may have the option to remove your escrow account when your loan balance has dropped to below 80% of the home’s value.
To summarize, an “escrow account” is a protection for your peace of mind. With expenses for taxes and insurance covered, all you have to focus on is that one monthly payment.
At Caliber Home Loans, we strive to make everything about your mortgage experience as simple and clear as possible. We always look for ways to streamline the process, eliminate paperwork wherever possible, and require as little of your time as possible. Our passion is for the homebuyer. We’re here to navigate you to the best loan that works best for you so that you can savor the joy of home ownership.
In general, the short answer is yes.
Your escrow account is essentially a savings account set up to cover taxes and insurance costs related to the home you’re buying.
There are two times you’ll set up an escrow account:
Escrow Account When You Make an Offer
When you make an offer, you will deposit earnest money into an escrow account. This is considered a “good faith” gesture that you are serious about your offer. This deposit is typically to between 1% and 5% of the purchase price. The deposit is intended to protect both you and the seller. After all, things can happen to throw the sale into question. For example, the home may not pass inspection or may not appraise for the asking amount. Or you may not be approved for financing or you have second thoughts and back out of the deal.
If the sale breaks down on your end, the deposit goes to the seller. If the sale breaks down on the seller’s end, the deposit will be refunded to you. Usually, the sale goes through and the deposit money is applied toward your closing costs.
Escrow Account When You Close the Loan
When you close on your loan, the ongoing escrow account is set up to collect the funds needed each year to pay for property taxes and home insurance. Your monthly payment includes money dedicated to the escrow account and is calculated to save enough to cover the year’s expenses.
You may not have an escrow account for the whole life of the loan, however. FHA and USDA loans require an escrow account for the life of the loan. Some loans give the homeowner the option of removing the escrow account once the mortgage loan balance has dropped below 80% of the home’s market value. In that case, the monthly payment would be reduced as the funds would no longer be collected for taxes and insurance. However, the homeowner becomes responsible for paying those expenses in full and on time. In this scenario, the homeowner would need to make sure funds were on hand, including the large annual property taxes.
Although most conventional loans not federally insured do not require an escrow account, the lender may be allowed to require one. At Caliber Home Loans, we highly recommend one, as it makes managing expenses easier for you and protects you from having to cope with large annual bills.
If you made a down payment of less than 20%, you may be required to take private mortgage insurance (PMI). This protects you from certain late fees, liens against your property, and even foreclosure if you miss these specific payments. The account helps ensure the bills are paid on time and that you have sufficient funds to do so. Your escrow account may also gather funds during the year from your monthly payments to cover this additional insurance.
If You Don’t Have an Escrow Account At Closing
If you do have an escrow account set up at closing, you will have to prepay the first year of property taxes plus six months’ worth of home insurance premiums.
Whatever type of home loan you choose, we are here to help you understand all the steps involved and to navigate you through the process. All the jargon of the financial world can be confusing, but we will make it clear and help you make sound, responsible decisions.
An escrow account is an account that’s set up to collect funds for paying your annual property taxes and/or homeowner’s insurance premiums. Other items like mortgage and flood insurance may also be included.
Confused by escrow? Watch our videos to learn more about what your escrow account is for, and how often we review it. ESCROW EXPLAINED: https://vimeo.com/231872654
Many loans require an escrow account to help guarantee your taxes and insurance payments are always made on time. Escrow accounts also enable us to offer you competitive rates and reduce the possibility of your home’s taxes or insurance from becoming delinquent.
Typically, the funds in an escrow account pay for:
An escrow account doesn’t pay:
Your escrow payment is calculated based on the most recent tax and insurance payment information available on your loan. The annual tax and insurance amounts are added together and then divided by 12 to determine the monthly escrow payment. If your escrow account does not have sufficient funds available, a monthly shortage payment may also be added to the escrow payment.
If your property tax payment or insurance premiums change then your escrow payment will also change.
An escrow cushion is money collected to cover any unanticipated disbursements or payment increases. Federal and State guidelines may determine the amount of the cushion which is usually equal to 2 months of escrow payments.
Caliber reviews your account annually to make sure you can cover your property taxes and insurance premiums along with the escrow cushion. This review goes over the deposits and expenses for the previous year and projected activity for next year.
A shortage is any time your projected escrow balance is less than the allowable escrow cushion.
If you have a shortage, it will automatically be spread over 12 months and added to your new monthly escrow payment. You can also pay the shortage in full. Please note: Your payment may still increase due to a change in either taxes or insurance premiums even if the shortage is paid in full.
An escrow surplus is any time your projected escrow balance is more than the allowable cushion.
A surplus less than $50 will remain in your escrow account.
A surplus greater than $50 will be mailed to you in the form of a check if your loan is current in status when the escrow analysis is completed.
Yes. Deposit your escrow surplus check into your own account first. When making your next monthly payment, add the surplus funds for your escrow.
**For your security, please do not endorse the check to return it. This incurs risk if the check is lost or stolen before it is delivered to Caliber Home Loans.
If you are set up on recurring draft with Caliber Home Loans, no action is needed on your part! The new amount will automatically be taken from your account.
Because your bank isn’t aware of the change, you will need to adjust future payments within the bill pay service.
To request that we cancel your escrow account, print and complete the Escrow Removal Authorization Form.
Remember to include your account number and the signatures of all borrowers on your loan. Please allow 30 days from the date of our receipt to receive a response letter.
To request an escrow account, you can:
Please allow approximately 45 days to process. Once approved, Caliber will inform you of your monthly escrow payments by mailing you an Escrow Analysis Statement.
Caliber reviews your escrow account at least once a year, although additional out of cycle analyses may be completed.
If you have surplus funds in your escrow account, Caliber will issue a check for your escrow balance within 30 days of the loan paying off.
Your escrow payment is calculated based on the most recent tax and insurance payment information available on your loan. The annual tax and insurance amounts are added together and then divided by 12 to determine the monthly escrow payment. If your escrow account does not have sufficient funds available, a monthly shortage payment may also be added to the escrow payment.
If your property tax payment or insurance premiums change then your escrow payment will also change.