Reporting Mortgage Amount on Apps

[Anonymous]

Hello,

I couldn't get into my old account from 2013, so I had to make a new one. Not that I ever really posted.

I am set to close on a home this Thursday. We plan to pick up a few cards and cli's. Hopefully Lowe's, NFCU Amex More and a Best Buy cc.

I have a silly question. When you report your mortgage amount what do you report? My mortgage will be $1612 roughly, but I will pay $800 ish into an impound account for property taxes and homeowner's insurance. I have friends that pay their property taxes on their own (same city but older homes) so do not include that when reporting. Do I need to include it or just the $1612?

Thank you

[sccredit]

I always reported my full payment as listed on my credit report.  My credit report showed the principal, interest and escrow amounts so that's what I used.

[Anonymous]

Ok. Thank you. I will just report the full amount to be safe. We are first time homebuyers so I wasn't sure how it would show up on our credit reports. It may be a while before we see them. LoanDepot plans to sell our mortgage right away.

[Andypanda]

Property taxes and homeowners insurance are not part of the mortgage. I own my house free and clear, but I still pay property taxes, and homeowners insurance. If you pay mortgage insurance, if it was me, I would include that on any apps.

[CreditInspired]

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@Andypanda wrote:

Property taxes and homeowners insurance are not part of the mortgage. I own my house free and clear, but I still pay property taxes, and homeowners insurance. If you pay mortgage insurance, if it was me, I would include that on any apps.

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Yours is not included because you own your home free and clear. The majority of mortgages consists of PITI (Principal, Interest, Taxes, Insurance). And my monthly mortgage payment includes all 4. 

[Andypanda]

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@CreditInspired wrote:

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@Andypanda wrote:

Property taxes and homeowners insurance are not part of the mortgage. I own my house free and clear, but I still pay property taxes, and homeowners insurance. If you pay mortgage insurance, if it was me, I would include that on any apps.

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Yours is not included because you own your home free and clear. The majority of mortgages consists of PITI (Principal, Interest, Taxes, Insurance). And my monthly mortgage payment includes all 4. 

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Might depend on the lender, or county, even before the house was paid off, property taxes came straight from Sacramento county, and paid homeowners insurence bill came straight from state farm.

[SomewhereIn505]

I'm a fairly new home owner. While my rent versus mortgage were pretty similar, I do not report my impounds when apping or updating information.

[Meanmchine]

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@CreditInspired wrote:

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@Andypanda wrote:

Property taxes and homeowners insurance are not part of the mortgage. I own my house free and clear, but I still pay property taxes, and homeowners insurance. If you pay mortgage insurance, if it was me, I would include that on any apps.

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Yours is not included because you own your home free and clear. The majority of mortgages consists of PITI (Principal, Interest, Taxes, Insurance). And my monthly mortgage payment includes all 4. 

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I only pay PIT.  Thank you Countrywide