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  • WHEDA Mortgage FAQs

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    Can I make a mortgage payment by phone?

    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.

    What is My Loan Online?

    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. 

    Who can use My Loan Online?

    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.

    How do I sign up for My Loan Online?

    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.

    What information do I need to provide to sign up for My Loan Online?

    Before signing up for My Loan Online, you will need to gather the following information:

    1. Social security number of account holder
    2. WHEDA loan number
    3. Current email address

    When I use My Loan Online to make a mortgage payment, when will it be posted?

    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. 

    I forgot my username/password, what do I do?

    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.

    How do I make a payoff request?

    Please call 800-562-5546 or send an email to 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. 

    What does having a mortgage mean?

    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. 

    When are my mortgage payments due?

    Mortgage payments are due on the 1st of each month. If your payment arrives at our office after the 16th of the month, you will be assessed a late charge. If you know that your payment will not reach WHEDA by the 16th of the month, please call the Loan Servicing Department at 1-800-562-5546.

    * Please note: the information above refers only to first mortgages. If you have a Home Plus, Home Improvement, or Easy Close loan, please contact the Loan Servicing Department for due dates and late payment information.

    Where do I send my monthly payments?

    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:

    • Use a personal check, cashier's check, or money order (do not send cash). Be sure to include your loan number on your check or money order.
    • Enclose the current month's payment coupon with your payment.
    • Send the payment and coupon together to the address on the 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:

    PO BOX 1728 
    MADISON WI 53701-1728

    What happens if I lose my coupon book?

    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:

    PO 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.


    Can payments be automatically deducted from my checking or savings account?

    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:

    PO BOX 1728 
    MADISON WI 53701-1728

    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.

    Will my monthly payment remain the same?

    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.

    Can I send more than my regular payment and have the extra applied to principal?

    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:

    PO BOX 1728 
    MADISON WI 53701-1728

    Why is it necessary to maintain escrow accounts?

    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.

    Could there ever be a surplus/shortage in my escrow account?

    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.

    I received a tax bill, but WHEDA has an escrow account for my property taxes. What do I do?

    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.

    How are tax bills and other assessments handled?

    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.

    Why do I need homeowner's insurance?

    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:

    PO BOX 1728
    MADISON 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.

    I keep getting letters about my condominium association insurance. What should I do?

    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.

    Why is private mortgage insurance (PMI) required?

    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.

    When can I have my private mortgage insurance (PMI) cancelled?

    Cancellation laws vary with the requirements of the lender/investor. Please call the WHEDA Servicing Staff at 1-800-562-5546 for more information.

    What should I do if marriage, divorce, or death affects the ownership of my home?

    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.

    Am I obligated to live in my home?

    Yes, for the entire time you have a WHEDA loan, your home needs to be owner-occupied.

    Is it possible to pay my mortgage in full?

    Yes! Please contact our loan servicing department. Prepayment can be made at any time without penalty.

    Where do I send correspondence other than mortgage payments?

    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

    What records are made available to me for income tax purposes?

    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.

    What do I do if I’m having trouble making my monthly mortgage payment?

    WHEDA mortgage loan advisors can help you understand your options if you are facing payments challenges. Call -800-562-5546.

    What’s the difference between private mortgage insurance and homeowners insurance?

    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. 

    What is my Tax ID Number?

    Your Tax ID Number is your Social Security Number.