…mortgage. We got our first mortgage bill today and already we’re a little frustrated with Chase.
Micah has an account with Chase but I don’t. We got a letter from them today that looked like a credit card offer. I was just about to shred it when I realized that it was addressed to both of us. I decided to open it and it turns out it was our first mortgage bill. I guess we should have known that Chase was our mortgage lender (our bad) but I also think there should have been something on the envelope indicating it was from the Home Loans division. Or maybe something like this?
We knew that our monthly payments would include our property tax payment and home insurance. When we looked at the bill, it was $400 more than what we anticipated our actual mortgage payment (principle + interest) to be. We have the money for taxes and insurance budgeted but it wasn’t clear from the bill whether the escrow fee was the insurance, the taxes or both. It took 30 minutes to figure out what the payment includes.
We plan to pay more than the monthly payment. We have the money now and we’re better off paying off 5% interest than making 2% interest in the bank. We noticed on the bill that we had to specify how any extra payments were to be used and if we didn't, Chase would just hold the money and not apply it to anything until told to do so. This means we can’t use automatic pay from our account because there isn’t a notes field on the automatic payments page where we can enter where the money should be applied. We thought we could create an online account and pay directly that way but we ran into Reason #4.
I (Catherine) tried to create an online account but I kept getting error messages. It said an account already existed for the loan but that I didn’t have access to it. Chase attached the loan to Micah’s online account because he’s the primary on the loan. The funny thing is that I take care all the financial stuff for us and now I have to go through his personal login to sort out our house payments. There wasn’t any way online to create a new online login for our mortgage.
We got our statement today, May 11th and it says:
Statement Date : May 1, 2010
Payment Due Date: May 1, 2010
Um, anyone see anything wrong with that? I tried calling in to ask about it and customer service was closed at 6pm. Hmm.
So here we are. All I know is that this initial interaction with Chase and our mortgage statement has made us want to pay this as fast as possible.
We’re going to spend tonight going over our monthly budget. Sounds like fun right? But I guess there’s a silver lining, we owe money for a house we own.