HomeLoanServ - 535 Reviews - Mortgage Lenders in Boise, ID - Birdeye (2024)

FAQs

HomeLoanServ - 535 Reviews - Mortgage Lenders in Boise, ID - Birdeye? ›

Payment Due Date and Late Fees

As long as payments are made by the 16th of the month, NO LATER than 6pm MT a late fee will not be assessed. If a monthly payment is not made by 6pm MT the last business day of the month, it will be reported to the credit bureaus.

Payment Due Date and Late Fees

As long as payments are made by the 16th of the month, NO LATER than 6pm MT a late fee will not be assessed. If a monthly payment is not made by 6pm MT the last business day of the month, it will be reported to the credit bureaus.

Go to homeloanserv.com/SpecialForbearancePlan to get the process started. You'll need to provide your email address, loan number, the last four digits of the primary borrower's Social Security number and the ZIP code for the property. Select the option that works best for you and click submit.

HomeLoanServ does not accept payments by credit cards. Payments can be made through a bank account, but you'll need your account number and routing number.

Home phone: Work phone: Please draft my payment of $ on the 7th OR 16th of each month. *HomeLoanServ will draft the full payment listed on only one date. Payments cannot be split.

Typically, the hard credit pull required to get a mortgage loan will decrease your credit score by about 5 points. Once you actually get the loan, you might have a short-term dip of 15 – 40 points. If you consistently make monthly payments on time, though, you'll likely see your credit score recover and even improve.

If you have an older mortgage, you may have noticed it drop off of your credit report. This could be because the credit reporting time limit has passed or the credit bureau's internal reporting time limit for that type of account has expired.

Hard to get: If you have less-than-ideal credit (or a spotty history of timely mortgage payments, which can be a cause of reduced credit scores), your lender could deny your request for mortgage forbearance.

Cons of Mortgage Forbearance

Most loans will continue to accrue interest plus any fees you may owe during the forbearance period. Once the period is over, you're responsible for paying this amount. Potential for future financial strain.

A payment deferral can move up to six monthly mortgage payments to be paid at the end of your loan. If you're able to start making payments again but are unable to pay an additional monthly amount, you may qualify for a payment deferral.

Is Home Loan Serv a lender? ›

A mortgage lender provides the money you need to purchase a home and a loan servicer collects your monthly payments. Both roles can be performed by the same company, just like how a cook can double as your waiter, but the roles are often done by different companies.

Bottom line. Since lenders typically don't accept credit cards, you can usually only make a mortgage payment on your card via a third-party platform. Paying one debt by adding to another is a risky maneuver, however, and you should only consider it if you can afford to cover the payment in full.

Paying off a loan with a credit card will depend on the lender and the type of loan. If your lender allows it and you are given enough of a credit limit, you may be able to pay a portion of your entire balance of your home, car or student loans with a credit card.

Some servicers will refuse to accept what they consider a “partial” payment. They could return your check and charge you a late fee or claim that your mortgage is in default and start foreclosure proceedings.

The only way to change mortgage servicers is to refinance your loan and move to a lender that services the loans they originate. Keep in mind, just because a company services a loan today doesn't mean they'll continue to do so long term. The industry is always changing.

This is a great question because there is a lot of onus placed on the buyer, even with an escrow account. While your loan servicer is the one responsible for handling your property tax and insurance payments, mistakes are made, and you are the one who will be held liable for the full, on-time payment.

Lender not reporting: Some mortgage lenders - especially smaller firms - do not always report mortgages to the credit bureaus, unless there is a problem. This means, your good payment history will not show up, but any late or missed or late payments could appear.

Each creditor may report the status of your account according to your payment history. Not all lenders and creditors report to all three nationwide credit bureaus -- some may report to two, one or none at all.

In general, hard money lenders and private lenders do not report to the credit bureaus. Any organization, like banks and lenders, wishing to report customers' payment records to the bureaus has to pay each bureau for the reporting. As with any data service, the cost per report decreases with more reporting.

A foreclosure entry remains on your credit report for seven years from the date of the first missed payment that led to the foreclosure. After that, it is deleted from your report.