You will initially receive monthly billings. In June of the following year, you will receive a coupon book for the next twelve months, with envelopes, to start payments July 1.
All payments are due on the first of each month.
You will either get a replacement coupon book or receive monthly billings until the new coupon book comes out in June. A small fee will be charged. Your payments cover the principal and interest on your loan as well as property taxes and insurance premiums. In June, you will receive a Summary Statement with an annual analysis of your escrow accounts. They will advise you of any shortage or overage, and of the interest we pay you on those escrow accounts.