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Frequently Asked Questions About Your Mortgage Payment

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When are my mortgage payments due?Top of Page

WHEDA must receive, in our office, your payment no later than the first day of each month. After the first of the month, your payment is considered late. Late payments can seriously affect your credit rating. If your payment arrives at our office after the 15th of each month, you will be assessed a late charge. If you know that your payment will not reach WHEDA before the 15th of the month, call us at 1-800-562-5546 and let us know when we can expect it.

Where do I send my monthly payments?Top of Page

A payment coupon book will contain coupons for you to use each time you make a payment. To make your mortgage payment:

  • Use check or money order (do not send cash). Be sure to include your account number on your check or money order.
  • Enclose the current month's payment coupon with your payment.
  • Include your name and return address on the upper left-hand corner of the envelope provided with your payment book and mail to:

    • WHEDA
    ATTN: LOAN SERVICING DEPT
    PO BOX 1728
    MADISON WI 53701-1728

What happens if I lose my coupon book?Top of Page

  • Call 1-800-562-5546 to request a new payment book and envelopes.
  • Include your account number on your check or money order and be sure to include your return address on the upper left-hand corner of the envelope.
  • Until your new payment book arrives, send your payment to:

    • WHEDA
    Attn: Loan Servicing Dept.
    PO Box 1728
    Madison, WI 53701-1728

Is there an easier way to make payments?Top of Page

Yes, there is and it's free and easy to use! Automatic Payment Withdrawal (ACH). There will be a form at the front of your payment book that you can complete and return. You can simply fill it out, enclose a voided check and return to WHEDA , PO Box 1728, Madison, WI 53701-1728. Be sure to continue to mail your payments to WHEDA until you receive a confirmation letter from us stating when automatic withdrawal of your monthly mortgage payment will begin.

Will my monthly payment remain the same?Top of Page

The part of your mortgage payment covering principal and interest will not change. The portion held in escrow to cover taxes and insurance is subject to change because tax and insurance charges will change from year to year. WHEDA reviews your escrow account annually and you are given an analysis that shows how your new monthly payment was determined.

Is it possible to reduce my loan principal by sending more than my regular payment?Top of Page

Yes! If your loan is current, you may pay as much extra money to reduce you principal balance as you wish. You can indicate the extra dollar amount on your payment coupon in the space provided. If you are set up on Automatic Payment Withdrawal (ACH), please indicate how much extra money you want credited to principal on the appropriate line on the ACH form.

If at any time you wish to send additional funds towards principal, send to our Madison office:

WHEDA
ATTN: LOAN SERVICING DEPT
PO BOX 1728
MADISON WI 53701-1728

 
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