GreenPoint customer service is waiting to assist you with all of your mortgage account questions and concerns. However you should know that home equity accounts are different than first mortgage accounts. Your payment methods and guidelines will vary from your first mortgage account payments and should be inquired about separately for this reason.

If you need to obtain a subordination statement on your second mortgage, you should contact the customer service office to see if your account is eligible for subordination. If so you can have a letter outlining the fees and requirements faxed to you free of charge.

Once you have obtained home equity, you will receive a check booklet approximately ten days after your loan funding date. If your loan funded on the first of the month your first payment will be due by the 15th of the next month. If it funded after the first day of the month the due date is on the 15th two months from the funding month. So if your loan closed April 8, your first payment would be due June 15, but if it closed on April 1 it would be due May 15). Massachusetts payments are due on the 25th rather than the 15th.

GreenPoint usually calculates Home Equity Line of Credit payments using a one-of-three method. You will either pay the total interest due or one percent of the unpaid principal (whichever is a greater amount) OR $100.00.

Interest is found by multiplying the principal balance by the interest rate times the number of days at that rate or balance, divided by 365 (days in a year). If one percent of the principal balance is greater than the interest, the additional funds are used towards the reduction of the principal balance.

Your first line of credit payment may be greater than the estimate you were provided at closing because it was based on 30 days of interest. If there are more than 30 days between the date that the loan closed and the first payment, you will be charged more. Payments will vary according to the number of days in a billing cycle, as months vary in length.

You must pay the full payment amount due before the payment date. Some people want to make partial payments and that is not acceptable if you want to advance the due date of the line of credit. If you pay more than is due you may be able to pay less in the future, but you need to speak with a service representative to discuss your options. If you do not make the full payments as stated on your bill, negative credit and reporting may result which is a blemish GreenPoint encourages you to avoid.

Also, in case you are wondering why your home equity line of credit payments have changed, there are usually introductory rates that expire after a certain length of time. The rate will change to Prime plus the margin that is written in the Note. As the Prime rate changes, your payments will reflect this and change in accordance to the variance. The fluctuation in your principal balance will cause your payment amount to change. Remember that the number of days in a billing cycle changes the payment amount, as well.