Mortgage FAQs

• I didn't receive my mortgage statement this month. What do I do to pay my bill?

  A first payment letter and coupon are included in your documents provided at closing. Mortgage statements are mailed on the 19th of every month. If you did not receive your monthly statement, your bill is still due the 1st of every month. Payments can be made to us by mail without a formal bill. Please reference your loan account number on your check and mail it to:

  Salem Five
  Attn: Loan Servicing
  210 Essex Street
  Salem, MA 01970

  If you would like to request a copy of your mortgage bill, please call Customer Support at (800) 850-5000.

• I forgot to pay my first mortgage by the 1st of the month. Will I be charged a late fee?

  No. First mortgage bills are due on the 1st of every month; however, there is a 15-day grace period before any late fee is incurred.

• Salem Five charges for my real estate taxes every month on my mortgage bill, but I just received a tax bill from my city/town. Do I need to pay this?

  No. If Salem Five is escrowing your taxes each month, we will be taking care of your real estate tax bill. Salem Five employs a tax service to obtain tax bill information directly from your city or town.  If your city or town sends you a copy of your tax bill, you should retain the copy for your records.  If your real estate taxes are not included in your mortgage payment, you should continue to pay taxes directly to your city or town.

• I believe I am eligible to stop paying PMI (Private Mortgage Insurance) on my monthly mortgage bill. How do I go about this?

  Requests to cancel PMI must always be made in writing. Please send a letter to:
  
  Salem Five
  Attn: Loan Servicing
  210 Essex St
  Salem, MA 01970
  
  The Loan Servicing Department must review all requests to make the final determination about cancellation of PMI.

• How do I request a Loan Payoff Statement?

  Mortgage (including Home Equity loans)
  
  Requests for a loan payoff statement must be submitted in writing and accompanied by written borrower authorization. In order to ensure complete information on your request, please use Payoff Request Form.
  
  Contact Information:
  Salem Five
  Attn: Loan Payoff Department
  210 Essex St.
  Salem, MA 01970
  
  eMail: loanserv@salemfive.com
  

  A payoff statement will be mailed to you within 5 days of your request.

• Who can I speak with about my escrow analysis?

  For questions regarding escrow analysis, please call our Contact Center at (800) 850-5000.

• Why am I paying for a year of insurance, then two months of escrow and monthly beginning with the first payment?

  Escrow funds are collected to ensure that bills for escrowed items (insurance, taxes) can be paid when they are due.  Upfront insurance payments provide for the current year of coverage.  Monthly escrow payments will provide funds for upcoming (quarter or year) bills.  Any upfront escrow collection at closing is calculated to ensure sufficient funds, and any required cushion, will be available when bills are due.

• I recently refinanced/closed my mortgage with Salem Five. Will I be receiving a check for the surplus escrow funds that were in my mortgage account with Salem Five?

  No. Funds being held in Escrow are used to reduce the amount required to pay the loan in full. Therefore, you should only expect a refund from us if the amount remitted to pay the loan is in excess of the required payoff amount less any escrow balance. 

• What is the latest my payment can be auto deducted from my account?

  AutoPay can be set up to automatically withdraw your payment up to 4 days after the bill due date.

• How do I set up/use AutoPay?

  The most convenient way to pay your loan is by setting up automated reoccurring payments (AutoPay).

  Download AutoPay Form

  Print and mail the form back to the address on the form.  Note: this will be an automated monthly withdrawal from your account.

  WRITTEN NOTIFICATION FOR AUTOPAY MUST BE RECEIVED BY YOU AT LEAST THIRTY (30) DAYS PRIOR TO THE DATE OF THE NEXT SCHEDULED DEBIT ENTRY.

  The AutoPay form must be received by Salem Five at least thirty (30) days prior to the scheduled payment due date to take effect.  Please continue to make your regular payment until your bill reflects the AutoPay setup. Once I have set up my auto deduction, can I still add extra funds to principal at any time?   A recurring additional principal payment can be set up through AutoPay by contacting Salem Five Attn: Loan Operations, 210 Essex St., Salem, MA 01970.  If you would like to make a principal payment separate from your AutoPay, please mark "Principal Payment" on your check.