General Mortgage Questions
You can view your mortgage loan account using our online or mobile banking service!
If you are using online banking for the first time, you’ll need your member number to register. This can be found on your Mortgage Welcome Letter or you can contact us if you need assistance locating it.
Your loan account number can be found on your Mortgage Welcome Letter or within online or mobile banking. Your loan number will follow a format similar to XXXXXX-XXX.
Please contact us if you need assistance locating your loan number.
A member of our team will be reaching out to welcome you!
We’ll help you get setup for online and mobile banking, manage your payment accounts, and schedule future payments.
Check out our Mortgage Welcome Center for more information.
Yes, you will receive a monthly mortgage statement for your loan account. You can also enroll in E-Statements and have your statement delivered to your inbox monthly, saving paper and time!
Mortgage Payment Questions
Paying your mortgage is easy! You can use the following options:
Pay via Online / Mobile Banking
Pay via Automated Recurring Payments
Pay in person at one of our branches
Mail your payment to us:
First Financial Credit Union
Attn Loan Servicing
5550 W Touhy Ave Suite. 102
Skokie, IL 60077
The easiest way to make a payment is by logging in to our online or mobile banking service. You can schedule a payment to your loan from any account you choose.
Don’t have an account at FFCU? With our A2A (Account to Account) service, you can schedule payments to come from accounts outside of FFCU. You can transfer funds between accounts, schedule one time or recurring transfers or payments and more.
If you are using online banking for the first time, you will need your member number which is located on your loan closing documents. You member number will be the series of numbers before the dash. (i.e. XXXXXX-XX with the bold being your member number.)
Yes! You can view your mortgage loan account online using either online or mobile banking.
You can also schedule payments, register and review e-statements and more.
Learn more about online or mobile banking.
FFCU’s routing number is: 271989112
You can use this information if you are looking to set up payments from an outside institution. The easiest way to pay is directly from our online or mobile banking service – no additional info needed!
Escrow Account Basics
An escrow account holds funds for the payment of your taxes and/or insurance. As each mortgage payment is made, a portion of your payment is deposited into the escrow account. FFCU will use funds from this account to pay your tax and/or insurance bills as they are due.
The benefit of an escrow account is that you can combine all of your mortgage related expenses into one monthly payment.
You may be required to maintain an escrow account for a variety of reasons. Some common reasons include:
- The amount of equity in your property.
- Your property is in a High Risk flood area and the loan was originated after 1/1/16.
- Your loan had a hardship modification.
- You have an FHA or Rural Housing Loan.
Certain escrow accounts may be eligible for cancellation. Cancellation requirements may be based on the investor or insurer for your loan, but some basic requirements to cancel escrow may be:
- Your Loan-to-Value Ratio equals 80% or less. Loan-to-Value Ratio is the amount of your outstanding principal balance as compared to the original value of your home.
- You have a good payment history
- Your loan originated more than two years ago
We maintain a minimum required balance (also referred to as a cushion) in your escrow account for unexpected increases in your taxes and/or insurance.
The funds in your escrow account are used to pay things like:
- Homeowner’s insurance.
- Flood, wind or earthquake insurance.
- Mortgage Insurance.
- Property tax.
Definitely! We’d love to help you make an additional payment to your escrow account.
To avoid confusion, we ask that you contact us prior to making the additional escrow payment. We also kindly ask that members do not include any additional escrow payments with your monthly mortgage payment to ensure funds are applied appropriately.
Your escrow payments are included in your monthly mortgage payment. To ensure timely payment, please follow the information provided on your monthly mortgage billing statement.
If you have enrolled with us for monthly automatic payments on your FFCU mortgage loan, your payment amount will be updated automatically.
If you are using a different method, such as an online bill payment from another institution you will need to update the payment amount accordingly.
Your monthly escrow payment is calculated by taking the sum of all applicable bills we anticipate paying on your behalf for the next year and dividing it by 12. If your account has a shortage, we’ll notify you of this via your Annual Mortgage Escrow Statement.
If there is a shortage, this may increase your monthly payment. Please refer to your most recent Annual Mortgage Escrow Statement for more details.
Annual Mortgage Escrow Statement
At least once a year, we perform a review of your escrow account in order to determine if the escrow portion of your monthly mortgage payment is sufficient to cover the annual requirements for your real estate taxes, and/or insurance premiums. We are required under the Real Estate Settlement Procedures Act (RESPA) to disclose to you in an Annual Mortgage Escrow Statement the results of this review and its effect on your monthly mortgage payment. Occasionally, we may provide you with an interim statement in order to maintain compliance with RESPA.
Once we establish a schedule for your account, we will run your analysis and prepare your Annual Mortgage Escrow Statement, typically at the same time each year. Your statement will be mailed to you.
Copes of your Annual Mortgage Escrow Statement can also be found under your E-Statements and Documents within online or mobile banking.
Your payment may still change if your taxes or insurance increase, even if you pay the entire shortage. On your Annual Mortgage Escrow Statement, you’ll see a month-by-month projection of your upcoming escrow contributions. You’ll also see timing and the amount of upcoming disbursements we’re expecting to make on your behalf.
You have two options to pay an escrow account shortage:
- Pay the shortage amount over the next 12 months. We will spread your shortage evenly and add it to your new monthly payment over the next 12 months.
- Pay the shortage amount in full. If you prefer to pay in a lump sum, send us a check for the shortage as instructed on your Annual Mortgage Escrow Statement.
A surplus is typically caused when the monthly tax and insurance payments were lower than projected. If your surplus equals $50 or more and your loan is current, we will send you a refund check. If your surplus is less than $50, we will automatically apply it to reduce your monthly escrow payment over the next 12 months.
Mortgage Insurance provides financial flexibility and may allow borrowers without a substantial down payment to purchase a home. It protects your lender in case you default on your mortgage loan. There are two common types of mortgage insurance:
- Private Mortgage Insurance (PMI): PMI is the most common form of mortgage insurance, especially on Freddie Mac and Fannie Mae Loans.
- Mortgage Insurance Premium (MIP): Mortgage Insurance Premiums are common on FHA loans.
Tax & Insurance
If you have an escrow account for the payment of your taxes, we will obtain your billing information directly from your tax agency. You should retain the tax bill(s) sent to you for your records.
However, if any of these situations apply, please contact us:
- You live in Pennsylvania.
- You have an off cycle tax bill.
- You disputed your bill with your taxing authority.
- You have received an exemption from your taxing authority.
If you do not have an escrow account for taxes, you are responsible for paying your tax bill(s).
If you have significant changes to your tax or insurance, please contact us to update your account.
Your loan documents require you to maintain the appropriate insurance coverage at all times. The type of coverage required may depend on the location of the property. For example, properties in flood zones must have flood insurance.
If your required insurance coverage lapses or you don’t have enough coverage, FFCU may purchase insurance on your behalf. Your monthly mortgage payment will be adjusted to reflect the additional charge to your escrow account.