Ana Maria Tcherassi Stevens

Homeowner's Guide

Congratulations on closing your mortgage! Let us walk you through what comes next and how to make your first payment.

1. You and Your Loan Are in Good Hands

After your mortgage closes, we spend the following weeks checking that all your information is in order. Think of it as a pit stop before your loan moves to its long-term home—the point where you can set up an online account and enroll in autopay.

2. All About First Payments

Find your First Payment Letter and payment coupons in the closing packet you received when you signed your loan documents. They include due dates and other important information. Additionally, we sent you an email with a link to the letter and coupons. 

You have two options:

• Pay by phone
  • Call (866) 659-8989 and have the following ready:
    • Banking information, including routing number and account number
    • Loan account number, which is listed on your first payment letter
• Pay by mail
  • Send a payment coupon and a check or money order to the following address. Please write your account number on the form of payment.
  • CMG Mortgage Inc.3160 Crow Canyon Road, Suite 400 San Ramon, CA 94583 
• Submitting Your Payment After the Due Date?
  • Don’t worry—you can still submit payment and possibly not incur a late fee. Most mortgages come with a grace period typically ranging from 10 to 15 days after the due date. Please refer to your loan agreement to confirm what’s applicable to your loan.

3. Watch Your Mailbox for Updates

• Continue to use the coupons to pay by mail or utilize the pay-by-phone option until you receive a letter from us stating that your loan has transitioned to long-term servicing. It will also give you important new payment instructions.
  • Escrow Accounts: The #1 Topic Borrowers Ask About
    • Get ahead of any confusion with this FAQ.

    • What's an escrow account?

      It holds funds collected as part of your monthly payment that are used to pay your taxes and/or insurance on your behalf. For example, if your monthly payment is $1,200, $850 may go towards principal and interest, and $350 goes into your escrow account.

    • How do you know the amount to collect?

      Before closing (or, in some cases shortly after) we do an Initial Escrow Analysis to estimate what should be paid (and when) for your taxes and insurance in the coming year. We then do the math to find out how much you need in your account and divide it by 12 months to come up with the monthly amount

    • How do you know the amount to collect?

      Before closing (or, in some cases shortly after) we do an Initial Escrow Analysis to estimate what should be paid (and when) for your taxes and insurance in the coming year. We then do the math to find out how much you need in your account and divide it by 12 months to come up with the monthly amount

Delivering the right loans for the right reasons in a way that exceeds all expectations. That’s our business. Since 1993, CMG Financial, has served home buyers and homeowners nationwide with all of their new purchase and refinance needs. All CMG Loan officers specialize in new purchase and refinance mortgage needs to help borrowers make informed decisions.

Our diverse mortgage menu helps us find financing solutions for almost every borrower. We are dedicated to finding more ways to open more doors for home buyers. Find out what “Every Customer, Every Time. No Exceptions, No Excuses.” means to us!