Loan Payment Questions:
I’ve Just Set up Recurring Payments, but My next Loan Payment Will Be Due Before the Recurring Payments Are Scheduled to Begin. How Can I Make My next Payment?
You can make a single "one time" payment online, by mailing us your next payment, or by contacting Customer Service and paying by phone. Payments by phone may incur a service charge. These options will not affect the recurring payments you’ve scheduled.
Can I Make a Loan Payment with a Credit Card?
Credit cards are not accepted by Caliber. We accept payments from your bank accounts or debit card, or a mailed money order or cashier’s check.
I Want to Make Sure I Don’t Forget to Make a Payment, but I’m Really Busy. What Can I Do?
You can set up recurring payments online through your preferred bank account at My Account. Depending on the frequency you choose, Caliber will automatically deduct your mortgage payment from the account. This service is free of charge.
Need a Payoff Statement?
- Request a payoff statement online at My Account.
- After login, click on Loan Details and select Payoff Request from the drop-down menu.
- You may also fax your request to 405-608-2003.
What Are My Loan Payment Choices?
You have three options for making monthly loan payments:
- Pay online by going to https://myaccount.caliberhomeloans.com.
- Mail a check or money order to Caliber Home Loans, PO Box 650856, Dallas, TX 75265-0856.
- Call Customer Service at 800-401-6587. Paying by phone may incur a service charge.
What Are My Online Loan Payment Choices at My Account? Can I Customize My Payments?
Yes! Choose from several convenient payment options, including:
Recurring ACH payments: Save time and never forget to make a loan payment again! Our Automated Clearing House (ACH) option "remembers" for you, and it’s provided free of charge. Your Caliber loan payment will be automatically withdrawn from your checking or savings account. Below are the options for recurring ACH payments:
- Monthly Payments: Choose a date that is on or before your loan’s official grace period to schedule each payment. With this option, you may also choose to make additional payments to your loan’s principal each month.
- Bi-Weekly Payments: Pay down your loan’s principal faster by setting up an ACH payment for half of your monthly payment every two weeks on the weekday of your choosing, Monday through Friday. You'll be making one additional payment every 12 months without shortening your loan's term.
- Semi-Monthly Payments: You may choose to split up each payment, and to have half of your monthly payment withdrawn twice per month. For example, you may choose to have half of your payment posted on the 1st day of the month and the other half posted on the 15th of every month.
One-Time Monthly Payments: Your payment will be automatically withdrawn and will post to your account on the date you specify. Any payments made after 10:00 PM CST, or on weekends, will take two business days to be credited to your loan. All one time drafts take a minimum of one business day to post and can be scheduled up to one week in advance.
How Do I Set up My Preferred Payment Schedule?
Log into your account at https://myaccount.caliberhomeloans.com and hover over the Make a Payment option on the menu bar. Next, select Free Recurring Payments from the drop-down menu and click Get Started. Be sure to have your checking or savings account and routing numbers available.
How Do I Make Loan Payments by Mail?
Write your Caliber account number on a check, cashier’s check or money order payable to Caliber Home Loans and send it to the address below. Be sure to allow seven to ten days for your payment to arrive.
Caliber Home Loans, Inc.
P. O. Box 650856
Dallas, TX 75265-0856
What Are My Telephone Payment Options?
You have two options for paying by phone:
- Call our Automated Payment Line 24/7 at 800-401-6587. Be sure to have your account number available. Please allow one business day for your payment to post to your account.
- Call 800-401-6587 and ask to speak to a Customer Service representative. Our representatives are available Mondays through Fridays from 8:00 AM to 7:00 PM CST. Payments requested after 4:00 PM CST will post the next business day.
Will I Have to Pay a Service Charge for Making Payments Online or over the Phone?
Payments made online (with a routing number and account number), including one-time, recurring, bi-weekly, and semi-monthly payments do not incur a charge. Payments made over the phone, through our Automatic system or by a Customer Service Representative and with a debit card or ACH, may incur a charge.
What’s Included in My Monthly Loan Payment?
When your loan was originated, your loan payment amount was set up using an amortization schedule, which includes principal and interest for each payment. Depending on your loan’s interest payment structure and the length of time you’ve been making these payments, there are two possible scenarios:
- If your loan has a daily simple interest calculation, a portion of your monthly payment will go towards interest. No portion of the principal will be paid until you’ve paid all interest due.
- If your loan does not have this type of interest calculation, a portion of each loan payment will be applied to your loan’s principal, the balance of the funds borrowed. Another portion goes to the interest, which is what you’ve been charged for the loan.
Your payments may also include an escrow payment, which consists of funds reserved to pay your taxes and homeowner’s insurance premiums. The escrow portion of your payment would be added to your escrow account balance.
If you purchased your home with a down payment less than 20%, your payments may also include mortgage insurance premiums.
Here are details of each portion of a typical loan payment:
Principal: This is the portion of your payment that gradually reduces the balance that you borrowed.
Interest: The interest you pay is the cost of borrowing money. If you have a fixed-rate loan, this will not change unless you refinance. If you have an Adjustable-Rate Mortgage (ARM), your loan’s rate will adjust up or down at scheduled times – usually once every 12 months.
Taxes: Most loans require an escrow account and will collect one-twelfth of your annual property tax amount in this account with each mortgage payment.
Insurance: Since your annual homeowner’s or hazard insurance premiums are only paid once a year, they’re considerably larger than most monthly bills. An escrow account that’s attached to your loan makes your tax and insurance premiums easier to manage as you pay 1/12th of each bill every month.
Mortgage Insurance: This is different than homeowner’s insurance, and is usually due if you bought your home with a small down payment. This is because most loans with less than 20% equity require Mortgage Insurance, or MI to protect your lender in case of default.
There are two main types of mortgage insurance, depending on your loan and the type of property you purchase. If you have a conventional loan, you may be paying PMI. If you have an FHA or USDA loan, you may be paying MIP. These are annual Mortgage Insurance Premiums paid once a year, but collected monthly from borrowers. PMI and FHA MIP are paid monthly. USDA MIP is paid annually.
If you’ve purchased a condominium unit, you’re required to buy insurance that protects your condo unit’s interior structure. This coverage is often described as “HO-6” and may also protect personal belongings and liability.
I Won’t Be Able to Make This Month’s Loan Payment by My Due Date. Will I Have to Pay a Late Charge?
Depending on your loan program, you may have up to 15 calendar days to make a monthly payment without incurring a late charge. Refer to your loan’s Closing Disclosure for details of your loan’s grace period, and how late fees are calculated.
How Long Will It Take for My Payment to Be Posted to My Account after Caliber Receives It?
Online payments received Monday through Friday before 10 PM CST will be posted the next business day. Online payments received after 10 PM or on the weekend will be posted in 2 business days.
Payments received via USPS that are delivered Monday through Friday before 12 PM (noon) CST will be posted the same day. Payments received Monday through Friday after 12 PM (noon) CST or on the weekend will be posted the next business day.
Payments made over the phone, either by a Customer Service Representative or through the Automated Payment Line, Monday through Friday before 4 PM CST, will be posted the same day. Payments made over the phone after 4 PM CST or on the weekend will be posted the next business day.
Payment Posting Times
- Online Payments:
- M-F before 10 PM CST: Next Business Day
- Sat/Sun or after 10 PM CST: 2 Business Days
- Mailed Payments:
- Delivered before 12 PM (noon) CST: Same Day
- Sat/Sun or after 12 PM (noon) CST: Next Business Day
- Phone Payments (IVR or CSR):
- M-F Before 4 PM CST: Same Day
- Sat/Sun or after 4 PM CST: Next Business Day