Loan Payment

When your loan was originated, your loan payment amount was set up using an amortization schedule, which includes principal and interest for each payment. Depending on your loan’s interest payment structure and the length of time you’ve been making these payments, there are two possible scenarios:

• If your loan has a daily simple interest calculation, a portion of your monthly payment will go towards interest. No portion of the principal will be paid until you’ve paid all interest due.
• If your loan does not have this type of interest calculation, a portion of each loan payment will be applied to your loan’s principal, the balance of the funds borrowed. Another portion goes to the interest, which is what you’ve been charged for the loan.

Your payments may also include an escrow payment, which consists of funds reserved to pay your taxes and homeowner’s insurance premiums. The escrow portion of your payment would be added to your escrow account balance.

If you purchased your home with a down payment less than 20%, your payments may also include mortgage insurance premiums.

Here are details of each portion of a typical loan payment:

Principal: This is the portion of your payment that gradually reduces the balance that you borrowed.

Interest: The interest you pay is the cost of borrowing money. If you have a fixed-rate loan, this will not change unless you refinance. If you have an Adjustable-Rate Mortgage (ARM), your loan’s rate will adjust up or down at scheduled times – usually once every 12 months.

Taxes: Most loans require an escrow account and will collect one-twelfth of your annual property tax amount in this account with each mortgage payment.

Insurance: Since your annual homeowner’s or hazard insurance premiums are only paid once a year, they’re considerably larger than most monthly bills. An escrow account that’s attached to your loan makes your tax and insurance premiums easier to manage as you pay 1/12th of each bill every month.

Mortgage Insurance: This is different than homeowner’s insurance, and is usually due if you bought your home with a small down payment. This is because most loans with less than 20% equity require Mortgage Insurance, or MI to protect your lender in case of default.

There are two main types of mortgage insurance, depending on your loan and the type of property you purchase. If you have a conventional loan, you may be paying PMI. If you have an FHA or USDA loan, you may be paying MIP. These are annual Mortgage Insurance Premiums paid once a year, but collected monthly from borrowers. PMI and FHA MIP are paid monthly. USDA MIP is paid annually.

If you’ve purchased a condominium unit, you’re required to buy insurance that protects your condo unit’s interior structure. This coverage is often described as “HO-6” and may also protect personal belongings and liability.

Log into your account at https://myaccount.caliberhomeloans.com and hover over the Make a Payment option on the menu bar. Next, select Free Recurring Payments from the drop-down menu and click Get Started. Be sure to have your checking or savings account and routing numbers available.

Credit cards are not accepted by Caliber. We accept payments from your bank accounts or debit card, or a mailed money order or cashier’s check.

Online payments received Monday through Friday before 10 PM CST will be posted the next business day. Online payments received after 9:59 PM CST or on the weekend will be posted in 2 business days.

Payments received via USPS that are delivered Monday through Friday before 12 PM (noon) CST will be posted the same day. Payments received Monday through Friday after 12 PM (noon) CST or on the weekend will be posted the next business day.

Payments made over the phone, either by a Customer Service Representative or through the Automated Payment Line, Monday through Friday before 5 PM CST, will be posted the same day.  Payments made over the phone after 4:59 PM CST or on the weekend will be posted the next business day.

Payment Posting Times

Online Payments:

• M-F before 10 PM CST: Next Business Day
• Sat/Sun or after 9:59 PM CST: 2 Business Days

Mailed Payments:

• Delivered before 12 PM (noon) CST: Same Day
• Sat/Sun or after 12 PM (noon) CST: Next Business Day

Phone Payments (IVR or CSR):

• M-F Before 5 PM CST: Same Day
• Sat/Sun or after 4:59 PM CST: Next Business Day

Yes! Choose from several convenient payment options, including:

• Recurring ACH payments: Save time and never forget to make a loan payment again! Our Automated Clearing House (ACH) option "remembers" for you, and it’s provided free of charge. Your Caliber loan payment will be automatically withdrawn from your checking or savings account. Below are the options for recurring ACH payments:
• Monthly Payments: You must be current in order to enroll in this draft frequency. Select one date each month that your payment will be drafted. With this option, you may include an additional principal amount to draft with your payment each month. In order to ensure a late fee is not assessed to your account, your monthly draft dates cannot exceed your contractual due date plus the number of grace period days allowed on your account. For Example: If the due date is the 1st and your account has a 15-day grace period, the draft date may be any date between the 1st and the 16th of the month. If no draft date is chosen, Caliber will set the draft date to be your contractual due date.
• Bi-Weekly Payments: You must be paid 1-month in advance in order to enroll in this draft frequency. Half of your monthly payment will be drafted every 2 weeks on the day of the week of your choosing, Monday through Friday. This option will reduce your principal balance faster by applying your 13th and 26th drafts each year to your principal balance. In a bi-weekly payment program, the first half of your payment will be held in a suspense account until the second half is drafted.
• Semi-Monthly Payments: You must be paid 1 month in advance to enroll in this draft frequency. Half of your monthly payment will be drafted each month on two dates of your choosing (Example: 1st and the 15th). The first half of your payment will be held in a suspense account until the second half is drafted to complete your total monthly payment.
• One-Time Monthly Payments: Your payment will be automatically withdrawn and will post to your account on the date you specify. Any payments made after 9:59 PM CST, or on weekends, will take two business days to be credited to your loan. All one time drafts take a minimum of one business day to post and can be scheduled up to one week in advance.

Recurring Payments made online (with a routing number and account number), including monthly, bi-weekly, or semi-monthly payments do not incur a charge.

You can set up recurring payments online through your preferred bank account at My Account. Depending on the frequency you choose, Caliber will automatically deduct your mortgage payment from the account. This service is free of charge.

You have several options for making your next loan payment, which will not affect the recurring payments you’ve scheduled. You can make a single online payment, mail in your next payment, pay via the IVR or contact Customer Service and pay by phone.

Delays can occur depending on the way your bank sends your online bill payment to us. There are three ways that your bank may do this.

1. The funds are immediately withdrawn from your bank account and a check is mailed to Caliber. Caliber will post the funds to your loan within 24 hours of receipt. However, since the check was mailed, there is a delay due to mail time between when the funds were withdrawn from your bank account and when they post to your loan.
2. A check is mailed by your bank to Caliber and funds are withdrawn from your bank account after it is deposited by Caliber. Again, mail time can delay the receipt of the check by Caliber.
3. An ACH is sent (which means no check is sent) and funds are sent to Caliber electronically and posted to your account upon receipt.

When setting up your bank bill pay, be sure to have the mailing address below for your Caliber mortgage payment to ensure prompt processing:

Caliber Home Loans
PO Box 650856
Dallas, TX 75265-0856

Watch the video that explains the process of how your online bill pay payment works when a check is mailed—as in options 1 & 2 listed above.

Write your Caliber account number on a check, cashier’s check or money order payable to Caliber Home Loans and send it to the address below. Be sure to allow seven to ten days for your payment to arrive.

Caliber Home Loans, Inc.
P. O. Box 650856
Dallas, TX 75265-0856

You have two options for paying by phone:

• Call our Automated Payment Line 24/7 at 800-401-6587. Be sure to have your account number available. Please allow one business day for your payment to post to your account.
• Call 800-401-6587 and ask to speak to a Customer Service representative. Our representatives are available Mondays through Fridays from 8:00 AM to 7:00 PM CST. Payments requested after 4:00 PM CST will post the next business day.

Depending on your loan program, you may have up to 15 calendar days to make a monthly payment without incurring a late charge. Refer to your loan’s Closing Disclosure for details of your loan’s grace period, and how late fees are calculated.

• Request a payoff statement online at My Account.
• After login, click on Loan Details and select Payoff Request from the drop-down menu.
• You may also fax your request to 405-608-2003.