To update your payment information or payment amount, please reach out to Emily Johnson, our loan servicing specialist. She can be reached by phone at 507-354-3165 or email at ejohnson@citizensmn.bank.
The annual escrow account disclosure statement is a two- or three-page document that contains information regarding activity in your escrow account for the past year as well as projections for the upcoming year. The first page shows the projections for the upcoming year and states if your account has a surplus or shortage. Your new payment amount will also be listed on the first page of the escrow disclosure statement. The second page is the account history; it shows what we projected to disburse from your escrow account for the last year as well as what we actually paid out of your escrow account. In addition to the annual escrow account disclosure statement, you will receive an escrow activity statement. This shows the payments into and out of your escrow account for the last year. If you have additional questions or would like clarification on anything relating to your escrow account or annual escrow disclosure statement, please reach out to Emily Johnson, our loan servicing specialist. She can be reached by phone at 507-354-3165 or email at ejohnson@citizensmn.bank.
When changing homeowners’ insurance companies or agents, please make sure to inform the agent you have a mortgage with Citizens Bank Minnesota. The agent will need our mailing address: PO Box 547, New Ulm, MN 56073. The agent will also need to know if your insurance is escrowed or not. If that information is provided to the insurance agent, the new policy will automatically be sent to the bank and no additional action is necessary. If you or your insurance agent have any additional questions regarding your homeowner’s insurance policy, please reach out to Emily Johnson, our loan servicing specialist. She can be reached by phone at 507-354-3165 or email at ejohnson@citizensmn.bank.
Yes, you can buy the interest rate down for the long term fixed rate loans. The cost for this changes from day to day. One “point” equals 1% of the loan amount. Buying the rate down .25% (from 6.50% to 6.25%) won’t necessarily cost .25%. The decision to do this also depends on factors such as how long you’re planning to stay or keep the property and how much cash you have available for the closing costs. A lender can prepare estimates for you on the cost to buy the rate down to see if it’s something you’d like to consider.
Title insurance is required by the lender when a mortgage loan is taken out to purchase or refinance a home. This protects the lender against any title issues resulting from unknown defects in the title to the property that existed before the closing of the loan. Clients are able to purchase Owner’s title insurance, as well, to protect their interest as well.
Private mortgage insurance (PMI), is required when the loan to value on a purchase or refinance is higher than 80%. PMI protects the lender if the client stops making loan payments.
A credit score is based upon formulas using information within the credit report. A credit score suggests how likely you are to pay your debt. Your credit score may determine the rate on a mortgage loan.
Yes, there are very specific requirements for each of these properties. If you’re interested in a condo, it’s best to speak with a lender early in your property search since there are some condo’s that are more difficult to finance. In order to get a loan on a manufactured home, it needs to be built after June 15, 1976, have the wheels and axels removed and be permanently affixed to a foundation. These can be for a primary residence or a second home in some cases.
If you or a co-borrower have a freeze on your credit, you will need to contact the credit bureaus to remove the freeze before we can pull your credit score.
Citizens Bank Minnesota does share your information with credit reporting agencies in order to access your credit history file and in turn the credit agencies can share information they collect with third parties. We strongly recommend you to opt out from the credit bureaus before we request your credit report. To opt out, please visit www.OptOutPrescreen.com