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Buying a home, you may find yourself working closely with a mortgage loan servicer to finance your home purchase. Knowing the basics of mortgage servicing can help you navigate the life of your loan and get a better handle on how to make changes in the future if needed.
After purchasing your home, you can make note of who your service provider is by viewing your monthly mortgage statement.
Your mortgage servicer is responsible for the handling of the loan after you have closed on your home. This includes managing escrow, sending payment statements and receiving your monthly payments.
You can’t change your mortgage servicer so it’s essential to do research before closing on your home. If you’re having issues with your provider that haven't been resolved directly through the company, consider escalating your complaint to the Consumer Financial Protection Bureau.
The terms mortgage lender and mortgage servicer may seem similar but they can differ based on the stage you’re in during the homebuying process.
Prior to closing on a home, a lender gathers your info to make sure you qualify for a loan, handle loan approvals and disperse funds once the home is closed on. Afterward, the lender transfers the handling of the loan to a loan servicer, however in some cases the lender also acts as the loan servicer.
Mortgage payments are a long term commitment so get to know your servicer and ask questions if you need clarity on your mortgage loan.
Darin, is a 26 year, experienced broker associate with 13 years in the RE/MAX system and who is native to the Daytona Beach area. Knowing our real estate market and solving problems in advance are just of a few of the assets he brings to the table while working with buyers and sellers. He and his team are committed to providing the best results and personal service in the industry. They carefully ascertain the client's real estate goals and work hard to create solutions that make sense for them. Whether the client is new to the market or an experienced investor, they have the expertise, proven track record, with resources to help real estate customers achieve their goals. 100% Club in 2016, 2017, 2018, 2019, 2020, 2021 and 2022. Darin also became an esteemed member to RE/MAX Hall of Fame in 2020.
EPRO, ABR (Accredited Buyer's Representative), RENE (Real Estate Negotiation Expert)
CON, BB, SS, AUC, RELO, RA, FP, LUX, SC, FL, LP, HP
