Mortgage & Home Equity

Owning a Home

The home ownership journey starts long before you begin the search and continues on long after you've made your move. Our team of experts has created helpful tools and guides to help you on your way.

Frequently Asked Questions

What goes into my mortgage payment?

Great question! As you work on a mortgage with your loan officer, they’ll go over all the terms and conditions and give you a disclosure with an itemized list of what you can expect to pay every month. Most mortgages will include your principal payment, interest, and escrow. Click here to get an in-depth explanation of all these terms and more.

Can I pay my mortgage online?

That’s the best way to do it! We’ve made making a loan payment as easy as possible. Here’s how:

The best way to regularly pay your mortgage is to set up automatic loan payments through UBTgo on a desktop computer or via our mobile app. After logging in, choose your mortgage from the list of accounts on your dashboard, then choose Make a Payment from the list of options. Choose the recurring payments option and pick the day of the month you’d like your payments to automatically pull from your account.

One-time automated payments can be made using the instructions above and choosing the One-Time Payment option. Or make a one-time automatic payment via phone by calling 888-267-1262. (Fees may apply for this service.)

Can I make payments every two weeks?

You can make your payment whenever the mood strikes. If you prefer to make payments every two weeks, you can use the instructions for online payments above to get it done. Please note that you’ll want to make sure your second payment pays the mortgage in full on or before your payment due date to avoid the payment being late.

How can I save on my next mortgage or refinance?

Here are a couple ways to save on your mortgage:

  • A surefire way to save on your mortgage is to pay extra. The extra amount is posted to your principal balance and will save you on interest on that amount.
  • End your PMI period early. If you put down less than 20% on a conventional mortgage, you’ll be required to pay private mortgage insurance to protect your bank from default. Once you cross that 20% equity threshold, however, you’re no longer required to pay PMI. Making extra payments is a great way to cross that threshold!
  • Improving your credit is another great way to pay less. The higher your credit score, the lower your interest rate — and that means less paid to the bank every month!
What’s an escrow account?

An escrow account allows your financial institution to pay the required homeowners insurance and property taxes for you. You pay a portion of your taxes and insurance premiums with your monthly mortgage payment, and we hold them in a separate escrow account for you. When your taxes or insurance premiums come due, we pay them on your behalf with the funds in your escrow account.

What’s an escrow analysis?

The escrow analysis we perform for you account each year helps us ensure there’s enough money in your escrow account to cover your taxes and insurance premiums. We’ll send you a summary statement called an escrow analysis. It includes a review of your payments and projections. This analysis helps us determine the amount needed each month for us to pay your taxes and insurance on your behalf.

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Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.

Loan products subject to credit approval.

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