How are HELOC payments calculated?
Typically, HELOC payments are calculated based on the interest rate, outstanding balance, amortization term and interest calculation methods as described in your HELOC agreement. HELOCs typically have two stages: a draw period and a repayment period. During the draw period, the minimum monthly payment may be equal to the interest that accrued that month. Typically, during the repayment period, the monthly payment amount is calculated based on both principal and interest.
HELOC terms vary. To review the payment calculation for your HELOC, refer to your HELOC agreement or log into our website or app and to My Loan to view your account details.
Can I make extra payments to pay off my HELOC early?
You can make additional principal payments online, in person, or by mail to pay off your HELOC ahead of schedule. Please note that if you make an additional principal payment, the funds will not be available for drawing for 10 days.
How do I handle additional principal payments on my HELOC?
Yes, you can make additional principal payments to pay down your HELOC ahead of schedule. This can be done online, by phone, or by mail. If you mail a check, please specify how you want the additional funds applied to your account – for example, write “additional principal” and your account number on the check.
What happens if my HELOC balance is at zero?
You can choose to leave it open until your draw period expires, or you can choose to close your HELOC.
What loss mitigation options are available if I am facing financial difficulties?
If you are experiencing financial hardship, please contact our Homeowner Assistance Team as early as possible at 866.515.9015 or via email. We will share potential options with you and evaluate your eligibility for assistance programs. We are here to support you!
How can I make payments?
We offer a variety of quick and easy payment options. Choose the way that is most convenient for you:
- Online via our website or app
- Set up autopay (recurring monthly ACH drafts) online or by phone
- Call to set up budget drafts (biweekly recurring ACH drafts every 14 days)
- Mail a check with the coupon on your billing statement to our payment address:
Cornerstone Servicing
PO Box 660217
Dallas, TX 75266-0217
Overnight funds should be mailed to the following address:
Cornerstone Servicing10800 E Geddes Ave
Suite 100
Englewood, CO 80112
Can I make payments through my bank or bill pay service?
Yes, you can make your payments through a third-party bill pay service such as your bank, government allotment, biweekly bill pay service, etc. Typically, you will need to provide them with your loan number and our payments address: Cornerstone Servicing, PO Box 660217, Dallas, TX 75266-0217.
What is autopay?
If you choose to enroll for Autopay, your monthly payments will automatically draft from your chosen checking or savings account on the day you choose. Autopay can help save you time and peace of mind, as you won't have to remember to mail a check or make a one-time payment online or by phone.
What are the benefits?
- There is no fee to enroll.
- There are no checks to write.
- Your payment amount will adjust in the event of any changes to your interest rate or escrowed amount. Don’t worry, we will notify you in advance of any changes!
- Avoid late fees and negative credit reporting while your monthly payment is made on time according to your selected draft date.
- You get to select your payment date. In most cases you can select a draft date up to fourteen (14) days past your due date.
- You can also include additional principal in your autopay set-up.
How can I set up autopay?
You can login to our website or app and enroll in a few simple steps:
- Go to Payment.
- In the Make a Payment box, you will find Autopay toward the bottom.
- Click Enroll in Autopay and follow the instructions.
- Note: If your scheduled draft occurs on a holiday or weekend, it should be debited the following business day.
- You will have the option to add additional principal to your payment while enrolling.
- Next, you will receive an email from us confirming your request has been submitted.
Please note:
- Your enrollment in autopay will not be effective immediately as we process your request.
- Once a test draft is completed and confirmed, we will send you an enrollment notification letter. If the test draft is not confirmed, we will notify you.
- Any payments due prior to the day and month you requested automatic drafts to begin must be made via check, online payment, or over the phone.
- If your account is past due on your first scheduled draft date, your draft will not occur until your account is not past due.
How can I make changes to my autopay settings?
To make changes to your Autopay selections, login and go to Payment. In the Autopay box, select Modify Settings, and the edit screen will display.
How can I cancel autopay?
Log in and go to Payment, and in the Autopay box, select Modify Settings, and the edit screen will display. At the bottom of the edit box, click Unenroll from Autopay.
Keep in mind, if you are attempting to cancel your Autopay with fewer than two (2) business days until your next draft, the cancellation may not be effective until the following month.
