Frequently Asked Questions by New Home Owners

1. How and when will I receive my HCU mortgage bill?

You will receive a bill in the mail about 10 days before the first of the month. If you have automatic payment you will not receive a bill in the mail.

2. My taxes and insurance are being escrowed by HCU. What do I need to do when I receive my tax bill in the mail?

If we escrow your taxes we do not need a copy of the bill. Please keep that for your records.

3. My taxes and insurance are not being escrowed by HCU. What do I need to do when I receive my tax bill in the mail?

If we are not escrowing your taxes, please make the payment. We do not need a copy of the receipt.

4. My homeowners insurance is up for renewal. What do I need to do to satisfy HCU’s requirements for homeowners insurance?

If we are escrowing for your insurance we will make the renewal payment every year. If we do not escrow, please make your payment and send us a copy of your renewed declaration page.

5. Private Mortgage Insurance (PMI) – When will my PMI payment be removed from the loan payment?

When your loan-to-value (LTV) ratio reaches 78%, PMI will automatically be removed from the loan payment.

6. Private Mortgage Insurance (PMI) – How and when can I request to cancel PMI?

When you believe your loan-to-value (LTV) ratio has reached 80% you can request to have PMI removed. A new appraisal is required to affirm that the LTV has dropped to 80% or less. You will have to pay for the appraisal. However, the appraisal must be ordered by HCU. Please send in a written request to Holyoke Credit Union, ATTN: Loan Servicing Dept., 490 Westfield Rd, Holyoke, MA 01040. An HCU loan servicer will promptly contact you to arrange the appraisal.

7. Annual escrow analysis – Why did my monthly payment increase?

Your monthly payment has increased due to an increase in either your taxes, homeowners insurance, or both.

8. Annual escrow analysis – If I am eligible to receive a refund check from my escrow account, when will I receive it?

The refund checks are mailed out on or about August 15th. You will receive it several days from that date.

9. Annual escrow analysis – How can I keep my payments the same?

If your taxes and/or insurance have increased we cannot keep your payment the same. Your escrow payment will adjust to a higher payment making your total payment due larger.

10. 1098 MTG interest – How can I get a copy of my 1098 Mortgage interest tax form?

Please call, fax or mail the Loan Servicing Department to request a copy of your 1098 MTG interest tax form. Phone #: 413-561-9602, Fax #: 413-533-3810 Attn. Loan Servicing Department, Address: 490 Westfield Road, Holyoke, MA 01040

11. Adding name - Can I add someone to the Deed? Do I need to notify the credit union?

Yes, you can add someone to your Deed. No, HCU does not need to be notified.

12. Adding name - Can I add someone to my loan?

No, you cannot add someone to your loan. You would have to refinance your loan.

13. Pay-off inquiry – how can I get the final pay-off amount on my loan?

You can call the Loan Servicer or fax/mail the request to the Loan Servicing Dept. along with your signed authorization. Phone #: 413-561-9602, Fax #: 413-533-3810 Attn. Loan Servicing Department, Address: 490 Westfield Road, Holyoke, MA 01040

14. What should I be saving for now?

• Home maintenance is a constant. Maintaining your home will help prevent major repair
  costs in the long run.
• Major repairs, however, do occur. Having money set aside for emergency repairs is a
  best practice.
• Home improvement – a new kitchen, bathroom, patio, etc.?
• Increase in taxes and insurance. This can be a yearly occurrence.
• If you have or want children - there are a myriad of expenses related to them.
• Retirement – it will be here before you know it.

15. What other products does HCU offer that could help in the future?

• HCU offers both a closed-end Home Equity Loan and a Home Equity Line of Credit to help you access the equity you’ve built up in your home.
• HCU also offers a Reverse Mortgage for those 62 years old or older.