Home » FAQs » Mortgage and Loan Payment FAQs

What is the difference between the APR and the interest rate?

The APR (annual percentage rate) reflects the cost of your mortgage loan on a yearly rate. It also includes the costs to obtain the mortgage, such as discount fees and points paid. The interest rate is the actual rate you pay on your note. The APR is used as a guide for comparison shopping with other lenders to determine fees associated with the loan.

What documentation should I bring to my Loan Officer?

Use the below list as a helpful guide. You may or may not need to provide all of the documents below, and you may need to provide documents not listed below. Your loan officer & loan specialist will request only what is needed based on your individual profile.

  • Signed personal Federal tax returns (all pages) for the two most recent years.
  • W2s, 1099s & K1s (if applicable) for the two most recent years.
  • Two most recent paystubs for all borrowers.
  • Two most recent bank statements for all borrowers (all pages; screenshots are not acceptable).
  • Copy of unexpired driver’s license or other government-issued ID.
  • Condo association contact (if applicable)
  • Signed Federal business tax returns (all pages) for the two most recent years (if applicable).
  • Real estate and homeowner’s insurance bills for any properties owned (if applicable).
  • A Loan Estimate will be provided to you after we have taken your name, income, SSN, property address, estimated property value, amount of mortgage loan sought.

Who do I contact if I have a question or problem with my loan while it is in process?

You may either contact your loan officer directly or the Residential Lending Department at 508.568.3266.

If I have an existing mortgage with you, will I have to pay all the closing costs again?

Yes, there are costs to process any new loan application.

Do I need to hire my own attorney?

No, the bank will hire an attorney from our approved list for your mortgage transaction. If you are purchasing a property, you may choose to hire an attorney on your behalf to review the contract.

Can I close my mortgage without being present?

In certain instances, you may appoint someone to sign for you on your behalf using a Power of Attorney. A Power of Attorney requires certain restrictions and requirements, so please contact your mortgage loan officer to determine if this is an option for you. Please note, there are additional fees for these options and it may require some additional time to coordinate.

Do you require title insurance?

Yes. Title insurance is required on transactions.

What is PMI and when is it required?

PMI is Private Mortgage Insurance written by a private company that protects the lender should the borrower default on the mortgage. Borrowers are required to pay the premium as part of their monthly mortgage payment. If you make a down payment less than 20%, even if you have a good credit history, PMI insurance is required for most loans.

Do you escrow real estate taxes and insurance?

The bank is required to collect escrow for real estate taxes if the loan to value is 80% or greater. You may request to have your real estate taxes escrowed at any time if you wish. You may also request to have your real estate taxes or homeowner’s insurance escrowed at any time if you wish.

Can I discontinue my escrow account?

You may request to discontinue escrowing for real estate taxes if your current loan to value is less than 80%.

Can I have my principal and interest payments recalculated?

Based on a principal reduction of at least $10,000 most of our investors will allow a recalculation and reduction of the mortgage payment. The request must be made in writing to the bank and may require a fee to be paid.

When will I receive my year-end interest statement?

Year-end statements (IRS Form 1098) are mailed out by the end of January. This statement includes interest and real estate taxes paid on your mortgage loan for the previous year.

Can I mail my payment?

Yes. Please use the self-addressed envelope that is included with your statement or address and an envelope with payment to: The Cooperative Bank of Cape Cod 1470 Orleans Road East Harwich, MA 02645

Can I make a loan payment through The Cooperative Bank of Cape Cod Online Banking?

Yes. You can make your loan payment from your Coop checking or savings account through Online Banking using the Transfer tab or from an account you have at another institution by using External Transfer . You can make a one-time payment or schedule future and recurring payments. Click here to learn more about Online Banking.

Can I set up automatic loan payments?

Yes. If you have Online Banking from The Cooperative Bank of Cape Cod, you can schedule future and recurring transfers from your checking or savings account to make your loan payment.

  1. Sign on to Online Banking and select Transfer
  2. Select the account you want to make the payment from
  3. Select the loan you want to apply the payment to
  4. Select the frequency, amount and date of the payment
  5. Click Submit to schedule the loan payment

Can I make a one-time loan payment online?

Yes. If you have Online Banking from The Cooperative Bank of Cape Cod, you can use the Transfer tab to quickly make a one-time loan payment.

  1. Sign on to Online Banking and select Transfer
  2. Select the account you want to transfer the payment from
  3. Select the loan you want to apply the payment to
  4. Input the amount of the payment
  5. Click Submit to make the loan payment

Can I make an online loan payment from my account at another bank?

Yes.

  1. You can make a loan payment online from your checking or savings account at another bank using External Transfer within your Coop Online Banking.
  2. You will need to input your loan number and the following address in your bill payment tab when scheduling your loan payment using Bill Pay at another financial institution: The Cooperative Bank of Cape Cod 1470 Orleans Road East Harwich, MA 02645

Looking For A Different Type of Personal Loan?

We have a variety of options, and we know we have the perfect personal loan for you.