Mortgage FAQs

I didn't receive my mortgage statement this month. What do I do to pay my bill?

A first payment letter and coupon are included in your documents provided at closing.  Mortgage statements are mailed on the 19th of every month. If you did not receive your monthly statement, your bill is still due the 1st of every month. Payments can be made to us by mail without a formal bill. Please reference your loan account number on your check and mail it to:

Salem Five
Attn: Loan Servicing
210 Essex Street
Salem, MA 01970

If you would like to request a copy of your mortgage bill, please call Customer Support at 800.850.5000.

I forgot to pay my first mortgage by the 1st of the month. Will I be charged a late fee?

No. First mortgage bills are due on the 1st of every month; however, there is a 15-day grace period before any late fee is incurred.

Salem Five charges for my real estate taxes every month on my mortgage bill, but I just received a tax bill from my city/town. Do I need to pay this?

No. If Salem Five is escrowing your taxes each month, we will be taking care of your real estate tax bill. Salem Five employs a tax service to obtain tax bill information directly from your city or town.  If your city or town sends you a copy of your tax bill, you should retain the copy for your records.  If your real estate taxes are not included in your mortgage payment, you should continue to pay taxes directly to your city or town..

I believe I am eligible to stop paying PMI (Private Mortgage Insurance) on my monthly mortgage bill. How do I go about this?

Requests to cancel PMI must always be made in writing. Please send a letter to:

Salem Five
Attn: Loan Servicing
210 Essex St
Salem, MA 01970

The Loan Servicing Department must review all requests to make the final determination about cancellation of PMI.

How do I request a Loan Payoff Statement?

Mortgage (including Home Equity loans)

For a consumer mortgage loan, home equity loan or any other consumer loan secured by a first or second mortgage on the property.

Requests for a loan payoff statement must be submitted in writing and accompanied by written borrower authorization. In order to ensure complete information on your request, please use our Salem Five Payoff Fax Request Form.

Contact Information:
Salem Five
Attn: Loan Payoff Dept
210 Essex St.
Salem, MA 01970

Payoff Fax: 978.720.5870

A payoff statement will be mailed or faxed to you within 5 days of your request.

Who can I speak with about my escrow analysis (for example, why did my payment go up)?

For questions regarding escrow analysis, please call our Contact Center at 800.850.5000.

Why am I paying for a year of insurance, then two months of escrow and monthly beginning with the first payment?

Escrow funds are collected to ensure that bills for escrowed items (insurance, taxes) can be paid when they are due.  Upfront insurance payments provide for the current year of coverage.  Monthly escrow payments will provide funds for upcoming (quarter or year) bills.  Any upfront escrow collection at closing is calculated to ensure sufficient funds, and any required cushion, will be available when bills are due. 

I recently refinanced/closed my mortgage with Salem Five. Will I be receiving a check for the surplus escrow funds that were in my mortgage account with Salem Five?

No. Funds being held in Escrow are used to reduce the amount required to pay the loan in full. Therefore, you should only expect a refund from us if the amount remitted to pay the loan is in excess of the required payoff amount less any escrow balance.

What is the latest my payment can be auto deducted from my account?

AutoPay can be set up to automatically withdraw your payment up to 4 days after the bill due date.

How do I set up/use AutoPay?

The most convenient way to pay your loan is by setting up automated reoccurring payments (AutoPay).

Print and mail the form back to the address on the form.  Note: this will be an automated monthly withdrawal from your account.


The AutoPay form must be received by Salem Five at least thirty (30) days prior to the scheduled payment due date to take effect.  Please continue to make your regular payment until your bill reflects the AutoPay setup. Once I have set up my auto deduction, can I still add extra funds to principal at any time?
A recurring additional principal payment can be set up through AutoPay by contacting Salem Five Attn: Loan Operations, 210 Essex St., Salem, MA 01970.  If you would like to make a principal payment separate from your AutoPay, please mark "Principal Payment" on your check.

What other ways can I pay my mortgage loan?

There are several payment options to consider to pay your mortgage loan:

  • Open a Salem Five checking account and transfer the payment from your checking account into your mortgage account as needed (or set up a monthly reoccurring payment) within online banking.
  • You can initiate an online bill payment via online banking from another financial institution. Note: there is processing time and potentially mailing time involved with this option, so remit payment early to avoid any potential late fees.
  • Pay using QuickPay. See below.
    You can pay your loan payment via the phone by calling the Contact Center at 800.850.5000.
    Note: there will be a $15 convenience fee for this option.

How do I make an online loan payment?

Salem Five has an electronic loan processing system which allows you to make a one-time loan payment to your Salem Five loan via a secure website on a desktop computer, tablet or mobile device.

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