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Mortgage Q & A

Getting to Know Your Home Loan.

Here are some common questions and answers we receive about our mortgage products.

Home Mortgage Disclosure Act Notice: The HMDA data about our residential mortgage lending is available online for review. the data shows geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information visit the Consumer Financial Protection Bureau's website
An escrow account is a common financial tool mortgage lenders use to assist in ensuring your obligations as a homeowner, such as property taxes and insurance premiums, are met. Maintaining a mortgage escrow account may or may not be required, depending on the specifics of your loan. We can set up an escrow account at anytime. An initial deposit may be required, and your monthly payment will increase to cover the taxes and/or insurance premiums.
You may receive a copy of your tax bill, even if you have an escrow account. Union State Bank will pay all escrowed bills on your behalf based upon the funds collected at closing and through your monthly payments. If you receive a newly assessed tax bill please contact us immediately to include the new bill with your current escrow.
Yes. When you make your regular monthly mortgage payment, you can include an additional amount to be applied directly to your principal. Additional principal payments will only be applied after the current month's full payment has posted to your account. We are required to apply payment amounts in a certain way given the law or the terms in your home loan contract, but once those requirements are met, you have the ability to instruct us on how you would like us to apply additional payments.

If you’re paying by check, please indicate by writing the amount of the extra principal payment on your Mortgage Account Statement coupon where designated.

Here are the different options to apply your home loan payment if your loan is not delinquent at the time the payment is received.

  • Contractual payment due - If you have a contractual payment due and you send us a full payment, unless instructed otherwise, we will apply your payment as your contractual payment due.

  • Next contractual payment due - If the payment you make is equal to or greater than two months of contractual payments, unless instructed otherwise, we may apply the funds to your current and next contractual home loan payment. Any amount greater than the two months of contractual payments may be applied to principal.

  • Escrow - If you have an escrow account, a portion of your contractual payment due will be applied to your escrow account. In addition, if you pay over your contractual payment due and your escrow account has a negative balance, we may apply a portion of your payment to your escrow account.

  • Outstanding fees - When a fee has been applied to your home loan, we may apply a portion of your payment to an outstanding fee.

  • Unpaid principal balance - Some customers like to pay extra on their home loan to reduce the future interest they pay. If your extra payment is less than the next contractual payment, it may be applied to principal. Example: If you pay an extra $100, or $100 more than your contractually required payment, we may apply the extra funds to reduce the principal of your loan.

If you are unable to make your payment for any reason, contact us at 866.557.0060 during regular business hours.

IRS Form 1098 is mailed out by the end of January. Contact us at 866.557.0060 if you don’t receive it by February 15.

Yes, contact us at 866.557.0060 with your loan number to request a mortgage payoff statement which itemizes the amounts required to fully satisfy all obligations secured by the loan.

  • Make your payment online through Union State Bank’s online or mobile banking apps.
  • Have your payment auto debited from your Union State Bank account.
  • Mail to: Union State Bank, 127 S. Summit, Arkansas City KS 67005
  • Drop off your payment at any of our Union State Bank locations.
You can view your mortgage activity (such as principal balance, next payment due, etc.) and how your payments were applied through USB's Online and Mobile Banking platforms. Please note that it may take up to two business days for your payment to display on Online Banking.

Contact Us! Unlike many financial institutions we service our loans after close. When you have questions about your loan - we're right here to help!

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.