Mortgage FAQs

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

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. We use a tax service, which provides us with the tax bill information for our customers. Please retain the tax bill for your records.

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.

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.