If you happen to be facing financial hardship, you might want to consider applying for loan. With Flagstar Bank loan servicing, anyone experiencing financial issues will be assisted. Before learning about Flagstar mortgage payment, it’s important to understand the bank’s background first. Flagstar Bank is a custom-crafted banking company first established as a federal savings bank in 1987. According to Inside Mortgage Finance, Sept. 30, 2017, the bank was named the national fifth largest originator in bank mortgage. The latter is a subsidiary of Flagstar Bancorp, officially listed on the NYSE (New York Stock Exchange) and under FBC symbol.
What to Expect in Flagstar Mortgage Payment
With Flagstar mortgage payment, if your household budget hits rock bottom and can’t fulfill your mortgage payments, the bank provides you with several options to choose. Beforehand, cases of financial hardship that are included are:
- Out-of-state transfer or job loss
- Marital difficulties or divorce
- Reduction in rate of pay or hours
- Disability or illness (that affects you or a family member)
- Called to active duty as a military reserve unit member
Meanwhile, common financial hardship options that available to choose through Flagstar mortgage payment are forbearance, repayment plan, partial claim, modification, short sale, assumption, mortgage release, hope for homeowners, and making home affordable.
How to Make Flagstar Mortgage Payments
Flagstar Bank uses a personalized and exclusive loan management system named MyLoans. It is a fast, secure, and easy way for borrowers to make Flagstar Bank loan payments online and interact without extra cost. Borrowers wishing to proceed to Flagstar mortgage payment will have to enroll for MyLoans account online. The system is available 24/7 for borrowers to access end of the year tax statements, view loan information details, and loan statements made recently.
Before proceeding to Flagstar mortgage payment’s MyLoans, here are some example of the features you can experience:
- You can schedule future one-time payment or pay now anytime.
- Recurring payments can be set up to automatically pay your loan each month.
- The ability to view loan information in detail, interest rate, payment due date, and transaction history included.
- Receive notifications regarding your loan statement in MyLoans.
After knowing the exclusive features included in MyLoans, the instructions to make a one-time Flagstar mortgage payment will be explained down below:
- Log in to an existing MyLoans account.
- Choose Pay Now from the left menu.
- If additional funds are applied toward escrow or principal, enter the amount in the Additional Escrow or Additional Principal field. When you make online payments, regular mortgage payment is already included.
- To debit the payment, pick the bank account you preferred.
- Check the box indicating you have read the Terms for Making a Payment.
- All information on the verification page has to be verified correctly.
- Enter your password used to log-in to MyLoans. Then click Submit Pay-Now Payment.
- To keep for your records, click Print This Page on the confirmation page.
With all of that explained above, now you’re ready to start your Flagstar mortgage payment. There should be no worries of applying for a loan anymore with Flagstar’s assistance. Your financial issue will be solved without any doubt.