Understanding Your Monthly Mortgage Statement

Your billing statement has a great deal of information to help you understand your mortgage. To get acquainted with different parts of your mortgage statement, watch this informative video.

Looking for a little more detail? Read below for a more in-depth look at your mortgage statement. We’ve organized it by sections.

Freedom Mortgage Contact Information

This section of your mortgage statement provides contact information for our Customer Care team, including hours of operation and our website address. You can also email our representatives at CustomerCare@freedommortgage.com

Below this is your mortgage account number. Be sure to keep it handy when calling Customer Care, as they will use this to reference your account. You’ll also find your payment due date and the amount due in this box.

Account Information

The account information box contains important information regarding your Principal, Interest Rate, and Escrow. Principal is defined as the amount of money owed on the mortgage loan, not including interest. The interest rate is the amount charged by the lender to borrow money, expressed as a percentage. If you have a fixed rate loan, this rate will remain the same. If you have an adjustable rate loan, you will be notified in advance of any changes to your rate. The Escrow balance is the amount being held for payment of property taxes, homeowner’s insurance, and mortgage insurance when those bills come due. If Escrow is included in your monthly payment, we pay these bills on your behalf when they become due.

Explanation of Amount Due

This section breaks down how your payment is allocated each month. This normally includes Principal, Interest, and Escrow, as well as any Fees or Charges.

Transaction Activity

Your detailed information of fees, charges, and payments over the course of the last month are listed in this section.

Past Payment Breakdown

Your past payment breakdown contains two parts. Listed on the left is your last month’s payment, including a detailed account of how the funds were applied. On the right is the total amount paid during the calendar year, detailed in a similar fashion.

Important Messages

To ensure you remain informed about your loan account, each billing statement includes an important messages section. Here you will find any alerts or messages regarding your account. Be sure to check this space often.

Amount Due

The bottom section of your billing statement contains the total amount due and the due date. It also indicates when the grace period will end; you may be charged late fees if payment is not made by the end of the grace period. Included on this slip is the payment address. This bottom section of your billing statement is detachable, allowing you to easily send a check by mail. Alternatively, you can set up automatic recurring payments online. See these steps to help you get set up.

Questions about your mortgage statement? Please contact us at CustomerCare@freedommortgage.com or by calling (855) 690-5900. Representatives are available to assist you Monday through Friday from 8 am – 10 pm and Saturday 9 am – 6 pm Eastern.

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Matt Gentile

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