Yes. WHEDA now accepts mortgage payments via the phone Monday through Friday from 8 AM to 5 PM. Mortgage payments received by 3 PM will be posted to your account the same day that you call. There is a $15 service fee for each phone payment. Late payment fees apply, if applicable. Call 800-562-5546 to make a mortgage payment by phone.
My Loan Online lets you schedule online mortgage payments, keep track of your loan balance, taxes, account history and insurance 24/7. Enjoy the convenience of managing your mortgage online with our secure website.
If you have a WHEDA-serviced loan, you can sign up for My Loan Online and then access your loan information through My Loan Online, our secure customer site.
Only borrowers whose loans are serviced by WHEDA may access information through My Loan Online. You will know you have a WHEDA-serviced loan if you send your mortgage payment directly to WHEDA. If you are not sure about whether or not WHEDA services your loan, please call WHEDA's Loan Servicing Department at 1-800-562-5546. If your loan is serviced by another bank or mortgage company, you will need to contact your servicer.
You can self-register for My Loan Online. Just click here and follow the steps to create an account. Once you have an account, you can access your loan information anytime by clicking on the My Loan Online Login link to the right in the sidebar.
Before signing up for My Loan Online, you will need to gather the following information:
Mortgage payments made online Monday through Friday by 3 PM will be posted to your account the same day. Payments made after 3 PM will be posted the next business day. Late payment fees apply.
Access My Loan Online (click the link at the top of the page). Under WHEDA Homeowners drop-down click on the My Loan Online link. Click on the ‘Forgot my Username’ or 'Forgot my Password' link, and enter your loan number, first and last name, SSN, and zip code.
Please call 800-562-5546 or send an email to Servicing@WHEDA.com to request a payoff. We are only able to provide payoffs up to 30 days in advance. If a 3rd party will be requesting a payoff, please ensure the proper authorization is also provided.
It means you've probably made the biggest investment of your life. This investment has many benefits. Each mortgage payment that you make increases the amount of equity in your house. Most homeowners can take a tax deduction for the interest they pay on their mortgage loans. You will also be able to take pride in having a place of your own.
Added responsibilities accompany your new investment. When something in your home needs repair, it will be up to you to arrange and pay for the necessary services. It will also be up to you to keep your yard and the outside of your home looking nice. A house kept in good condition will have a higher resale value when you decide to sell. In addition, you are also responsible for paying all utilities, including water and sewer.
Mortgage payments are due on the 1st of each month. If your payment arrives at our office on or after the 16th of the month, you will be assessed a late charge. If you know that your payment will not reach WHEDA before the 16th of the month, please call the Loan Servicing Department at 1-800-562-5546.
You will receive a payment coupon book, which will contain coupons for you to use each time you make a payment. To make your mortgage payment with a coupon:
If you are making a payment WITHOUT a coupon or using a bill pay service, please include your loan number on your check or money order and send your payment to:
ATTN: LOAN SERVICING DEPT
PO BOX 1728
MADISON WI 53701-1728
Call the Loan Servicing Department at 1-800-562-5546 to request a new coupon book.
Until your new payment book arrives, send your payment to:
ATTN: LOAN SERVICING DEPTWHEDAPO BOX 1728 MADISON WI 53701-1728
Include your loan number on your check or money order and be sure to include your return address on the upper left-hand corner of the envelope.
Yes! An Automatic Payment Withdrawal Form was included with your Welcome Letter and one is also located in the front of your coupon book. The completed form, along with voided check, can be faxed to 608-467-5025 or mailed to:
Be sure to continue mailing your payments to WHEDA until you receive a confirmation letter stating when automatic withdrawal of your monthly mortgage payment will begin.
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.
Yes! If your loan is current and you have no outstanding late charges or other fees, you may pay extra money to reduce the principal balance on your loan. You can indicate the extra dollar amount on your payment coupon in the space provided. If you are set up on Automatic Payments (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 at:
When you signed your mortgage contract you agreed that a certain amount of your monthly payment would be held in escrow by WHEDA® for payment of insurance and taxes.
An escrow account works like a savings account, but the money in the account can only be used for one purpose, the payment of your annual real estate tax bill and insurance premiums. WHEDA pays you interest on your escrow account. This interest is credited to your escrow account at the end of the year.
Yes. If insurance premiums or tax rates decrease from the previous year, an escrow surplus may be created. When we send you the annual analysis of your loan, we will inform you of any escrow surplus. This money (if more than $50.00) will be returned to you, as long as your account is current and there are no late charges due.
Normally insurance premiums and/or real estate tax rates increase each year. This could create a shortage in your escrow account. If your escrow account has a shortage, this will be indicated on your annual escrow analysis. the shortage will be distributed over the next 12 payments, or you have the option to send the full shortage amount.
If you have an escrow account for property taxes we disburse the property taxes on your behalf. This is typically done during the months of December through January. If you have questions, please contact us at 800-562-5546.
Each year, based on your selection, pay your taxes directly to the taxing authority.
From time to time your municipality may decide to make improvements to your property, for example installation of a new sewer system, replacement of curbs, gutters or sidewalks. WHEDA will pay these special assessments, which will appear on your tax bill, directly.
WHEDA will pay for them from your escrow account and adjust your monthly payment accordingly.
It's WHEDA's responsibility to make sure real estate taxes on your property are paid in full each year.
Homeowner's insurance (also called fire and hazard insurance or property insurance) covers your house in case of loss by fire, storm, vandalism, etc. It also covers your liability for personal injuries that might happen to someone while on your property.
Premiums for this insurance are included in your monthly payment and are paid from your escrow account. Your copy of the homeowners policy should be kept in a safe place where you can get to it easily.
Immediately notify WHEDA if you change insurance companies or if any unusual situations arise concerning your homeowner's insurance. It is important that you notify WHEDA immediately in the event of damage to your property or liability claims against your policy.
Please make sure your insurance bill is set up to be sent to and paid by WHEDA. Please verify with your insurance agent that the mortgagee clause reads:
WHEDA ISAOAPO BOX 1728MADISON WI 53701-1728
If an annual bill is not received, WHEDA may assume that the insurance has either been cancelled or has lapsed. In either case, WHEDA will place insurance on the home. This insurance, payable by you, is very expensive and only covers WHEDA's interest in the property.
If you live in a condominium, WHEDA requires proof of insurance for the condominium association on an annual basis. Please contact your condo association representative or management company and request that a certificate of insurance be faxed to WHEDA at 608-467-5025.
Mortgage insurance is required for any mortgage where the buyer has a down payment of less than 20%. A low down payment loan is considered a greater risk for the lender, and mortgage insurance protects the lender against their risk of loss due to default. Annually, you will receive a statement informing you of your eligibility to remove PMI.
Premiums for this insurance are included in your monthly payment and are paid from your escrow account.
PMI may be cancelled when ALL of the following requirements are met:
To reach the 80% loan-to-value, you have two options.
ATTENTION: LOAN SERVICING DEPT
PO BOX 1728
MADISON WI 53701-1728
Please note there is a difference between an appraisal and an assessment. WHEDA must use the appraised value, not the assessed value, when determining if PMI can be cancelled.
For specific information regarding your loan, please contact WHEDA's Loan Servicing Department at 1-800-562-5546.
You must inform WHEDA as soon as possible so we can update our records. To update our records, we must have a copy of the marriage certificate (this will not enable us to add your spouse to the Mortgage or Note), divorce decree (this will not remove liability for the other spouse), or death certificate.
Yes, for the entire time you have a WHEDA loan, your home needs to be owner-occupied.
Yes! Please contact our loan servicing department. Prepayment can be made at any time without penalty.
WHEDA Attn: Loan Servicing Department PO Box 1728 Madison, WI 53701-1728 (Be sure to include your account number on all correspondence)
For telephone inquiries:
Toll-free Number: 1-800-562-5546 Local Number: 608-267-6900
Each January a year-end summary for the previous year will be mailed to you. This document will show the mortgage interest paid during the year, ending principal and escrow balances, late charges due, and escrow interest earned.
WHEDA mortgage loan advisors can help you understand your options if you are facing payments challenges. Call -800-562-5546.
A homeowners insurance (or hazard insurance) policy covers loss from damages to your home, your belongings and accidents as outlined in your policy.
Mortgage insurance is required if you have less than 20% equity (or down payment) in your home and protects the mortgage lender from losses if a customer is unable to make loan payments and defaults on the loan.
Your Tax ID Number is your Social Security Number.