Buying a home, you may find yourself working closely with a mortgage loan servicer to finance your home purchase. Knowing the basics of mortgage servicing can help you navigate the life of your loan and get a better handle on how to make changes in the future if needed.
After purchasing your home, you can make note of who your service provider is by viewing your monthly mortgage statement.
Your mortgage servicer is responsible for the handling of the loan after you have closed on your home. This includes managing escrow, sending payment statements and receiving your monthly payments.
You can’t change your mortgage servicer so it’s essential to do research before closing on your home. If you’re having issues with your provider that haven't been resolved directly through the company, consider escalating your complaint to the Consumer Financial Protection Bureau.
The terms mortgage lender and mortgage servicer may seem similar but they can differ based on the stage you’re in during the homebuying process.
Prior to closing on a home, a lender gathers your info to make sure you qualify for a loan, handle loan approvals and disperse funds once the home is closed on. Afterward, the lender transfers the handling of the loan to a loan servicer, however in some cases the lender also acts as the loan servicer.
Mortgage payments are a long term commitment so get to know your servicer and ask questions if you need clarity on your mortgage loan.
Licensed since 1983 Donna is a well known and well respected veteran of the local real estate market. Donna has made her mark as both a manager of a brokerage firm and as an agent. Ms. Coakley McGowan has participated in extensive training in residential real estate and specializes in both Buyer and Seller Agency.
"I am extremely pleased to welcome an Associate of Donna’s caliber and expertise” said Judy Leonelli, Owner. "I have known Donna for many years and have admired her professionalism and talent for the pragmatic resolution to the difficulties that can arise during a transaction. When Donna is involved you know there will be a successful outcome.”
Ms. Coakley McGowan has lived in Upton since 1995 and knows the area and all of its attributes. She currently serves the Town of Upton and the Regional School District as Chairperson of the School Committee. She and her husband Mark and their two children reside in Upton.
