Start of Your Journey -Getting Started With Your Mortgage Payments

​

Congratulations on your new home! 
The first month of homeownership can bring a lot of new information. The video above explains what to expect and helps you feel confident about what comes next.

​

Understanding Your Mortgage Payments

Depending on your loan, your down payment assistance may have been provided as a second mortgage. This means:

• You may have two separate loans

  • Your main mortgage

  • A second mortgage that covered your down payment

• If you have two loans, you will make two monthly payments

  • One payment goes to your first mortgage servicer

  • The other goes to Midwest Loan Services, which manages the second mortgage

Important: Not all loans include a second mortgage. Some borrowers only have one monthly payment. If you’re not sure what applies to your loan, the Borrower Success Team can help clarify.

​

Your First Mortgage May Be Transferred

It is very common for your first mortgage to be sold or transferred, especially during the first few months after closing. This is normal and does not change your loan terms.

If this happens:

• You will receive a goodbye letter from your current servicer

• You will receive a welcome letter from the new servicer

• The letters will clearly explain where and how to send your payments

Because of this, it’s important to open and review all mortgage‑related mail and emails you receive.

​

We’re Here to Support You

The Borrower Success Team will be contacting you by phone to welcome you, review important information, and answer any questions you may have. Please review your loan documents for payment details and due dates.

​

 For additional details on loan types, please visit Chenoa Fund.

​

If you missed our call or need any assistance, please contact The Borrower Success Team at 866.550.8099.  

​