Loans and Leasing FAQs

Select a topic:

• Other Consumer Loan FAQs
• Leasing FAQs
• Mortgage

Other Consumer Loan FAQ’s

• How soon should I expect to receive my paid loan papers and lien release after I pay off my consumer loan with the bank?
• How is the rate determined for my Home Equity Line of Credit?
• How do I file a subordination request to North Shore Bank?

Q: How soon should I expect to receive my paid loan papers and lien release after I pay off my consumer loan with the bank?
A: You can expect to receive these documents in the mail within about 30 days after paying off your loan. If your loan is secured with real estate, a mortgage satisfaction document will be mailed directly to the Register of Deeds for the county in which the mortgage was filed. It may take up to three months for this document to be returned. If your loan is secured by a vehicle, boat, or other titled collateral, a lien release will be mailed with your paid loan documents. Be sure not to discard or destroy this release, as you will need it to remove our lien. Should you need a replacement lien release, a fee will be charged.

Q: How is the rate determined for my Home Equity Line of Credit?
A: The rate for your Home Equity Line of Credit is based on the prime rate plus an established margin determined by your individual line of credit. The rate on your line of credit changes on the 1st day of the second month following any prime rate change. If your line of credit was opened prior to Jan. 1, 2006, it is based on the prime rate published in the Wall Street Journal Money Rates section on the third Tuesday of the month. If your line of credit was opened on or after Jan. 1, 2006, the rate on your line of credit will change when the prime rate changes in the Wall Street Journal.

Q: How do I file a subordination request to North Shore Bank?
A: In order to file a subordination request, you will need to send us an envelope containing the following items: (Service fees are charged for this service) (Please do not fax documents, as they are not be readable)

• Mortgage Application (Including employment and income).
• Title Commitment (Complete)
• Appraisal or Tax Bill
• Return envelope with your name and address.


Send these items to:
North Shore Bank
Subordination department
15700 W. Bluemound Road
Brookfield, WI 53005

Note: Requests received after 12:00p.m., the following business day will be considered as the first day.

 

Leasing FAQ’s

• How can I learn the payoff amount on my lease?
• How can I change the due date on my lease?
• Can I make a direct withdrawal from a bank other than North Shore Bankto make my lease payment?
• If I want to trade in my current leased vehicle, do I have to return to the original dealer?

Q: How can I learn the payoff amount on my lease?
A: Learning the amount required to payoff your lease is easy. Simply call our leasing department at 1-800-236-1260 or 262-797-3312 between 8:30 a.m. and 5 p.m. (Central time) Monday through Friday, or e-mail us.

Q: How can I change the due date on my lease?
A: Sorry, we are unable to change the due date on any existing lease.

Q: Can I make a direct withdrawal from a bank other than North Shore Bankto make my lease payment?
A: No. At this time we are unable to accept electronic transfers for lease payments.

Q: If I want to trade in my current leased vehicle, do I have to return to the original dealer?
A: No, you may select any dealer. All car dealers can work directly with North Shore Bank.

 

Mortgage

• When is my mortgage payment posted to my account?
• If I make an extra principal payment each month, how soon will I pay off my mortgage?
• How much interest can I save by increasing my mortgage payment?
• How can I pay off my fixed-rate mortgage early?
• What happens if I send in a mortgage payment that is less than the full monthly payment due?
• Why did my monthly mortgage payment amount change?
• What is an escrow analysis?
• How is an escrow shortage collected?
• When will I receive a refund of my escrow overage?
• Last year, my tax check was greater than my tax bill. Why is my payment increasing this year?
• How does the bank calculate my monthly escrow amount?
• How often is my monthly escrow payment changed ?
• I had a fire loss (or other damage) to my property. What should I do?
• I received a check from my insurer covering the loss to my property, and it is payable to both the bank and me. What do I need to do next?

Q: When is my mortgage payment posted to my account?
A: Your payments are credited when your transaction is recorded by the bank - usually the same day the payment is received. We are unable to consider a payment deposited in our night depository as received until it is actually posted to your account. Likewise, a postmark date is not considered to be the date of receipt. Payments received 15 days after the due date are subject to late fees in accordance with your mortgage agreement.

Q: If I make an extra principal payment each month, how soon will I pay off my mortgage?
A: The date of payoff will vary depending on your mortgage balance, interest rate and term. Please use our easy mortgage payoff calculator.

Q: How much interest can I save by increasing my mortgage payment?
A: For fast and easy mortgage calculations, you can use our easy mortgage payoff calculator.

Q: How can I pay off my fixed-rate mortgage early?
A: For fast and easy mortgage calculations, you can use our easy mortgage payoff calculator.

Q: What happens if I send in a mortgage payment that is less than the full monthly payment due?
A: Your mortgage agreement requires that you make full monthly payments. Therefore, any amount less than the current month's full payment will be placed in an Unapplied Payment Account and held until there are enough funds to pay the mortgage payment and late fee, if applicable. Partial payment could cause your mortgage account to be considered delinquent and therefore subject to late fees.

Q: Why did my monthly mortgage payment amount change?
A: The most likely cause for a change in the amount of your monthly mortgage payment is an escrow adjustment. Real estate taxes or insurance typically change yearly, which in turn could affect the escrow amount of your payment. Other possible reasons include:

1.	A late charge may have been assessed and added to the amount due.
2.	Unapplied funds may have been deducted from the monthly payment amount.
3.	If you have an adjustable-rate mortgage, an interest rate adjustment may have been made in your account.

Q: What is an escrow analysis?
A: An escrow analysis, performed annually, ensures that the sum of your monthly escrow payments is sufficient to cover all items that are to be paid from your escrow account such as real estate taxes and home insurance. The analysis shows if your escrow account has funds left over or is short of funds after all disbursements are made. If taxes or insurance rates have risen during the year, your monthly escrow amount will rise as well. If they have dropped, your escrow payment may decrease.

Because escrow analysis usually is done in February, any escrow payment changes likely would take effect with your April payment.

Q: How is an escrow shortage collected?
A: Escrow shortages are collected over the next year. One-twelfth of the shortage will be collected each month, most likely beginning in April.

Q: When will I receive a refund of my escrow overage?
A: If the overage amount is equal to or greater than $20 and your loan is current, a check for the refund will be forwarded to you within 30 days of the escrow analysis. If the overage is less than $20, it will remain in your escrow account.

Q: Last year, my tax check was greater than my tax bill. Why is my payment increasing this year?
A: Each year, the entire balance in your escrow account is disbursed. Although the check you received was greater than your property tax bill, an increase in your escrow payment may be needed to be certain any increases in real estate taxes or insurance premiums are covered.

Q: How does the bank calculate my monthly escrow amount?
A: We forecast the funds you will need each month to pay your mortgage, taxes, and other costs over the next 12 months.

Q: How often is my monthly escrow payment changed?
A: We analyze your escrow needs at least once a year to determine if the escrow payment will increase, decrease or stay the same.

Q: I had a fire loss (or other damage) to my property. What should I do?
A: Your mortgage agreement requires that in addition to notifying your insurer, you also notify the bank. Please contact Mortgage Servicing Group at top of this page when you receive the proof of loss from your insurance carrier. Because your property is the collateral for your loan, we may need to inspect the damage and the repairs when they are completed.

Q: I received a check from my insurer covering the loss to my property, and it is payable to both the bank and me. What do I need to do next?
A: If the repairs have been completed, the bank may need to make an inspection to confirm that the repairs have been completed before releasing the check. In addition, we will need to be supplied with the insurance company's proof of loss, if not previously sent, and contractors' lien waivers, if applicable. If this happens to you, please contact Mortgage services.