Mortgage FAQ

1. What do I do if I feel that the billed Property Tax amount is incorrect?

Contact your Parish/County Tax Assessor to discuss your Assessed Value, applicable Exemptions available and millage rate changes.

2. How do I file Homestead Exemption or Exemptions available to Veterans?

Contact your Parish/County Tax Assessor and they will be able to assist you with your request. Once applied, please email a copy of the revised tax amounts to mortgageservicing@bfcu.org.

3. I'm a veteran, why am I being billed property taxes?

Contact your Parish/County Tax Assessor and they will be able to determine if you are eligible for Veteran Exemptions.

4. How does Barksdale Federal Credit Union come up with the property tax amount to pay?

BFCU pays the amount billed by your taxing authorities, which may include Parish, County, City, School, Hospital, and Mud Taxes to name a few. Some members have multiple taxing authorities for their property.

5. My taxes are more than last year, how will this affect my payment?

Your Annual Escrow Analysis will take into account adjustments to your Property Taxes and Property Insurance bills. If you would like to discuss your escrow account in detail, please contact a Mortgage Servicing Representative at (318) 549-8170.

6. I do not have an escrow, why am I being asked to provide proof of payment of my property taxes?

It is a requirement of all mortgage loans to pay property taxes in a timely manner to prevent Tax Liens and Tax Sales. If you have received a notice requesting proof of payment, we were notified that your taxes were not paid and are now delinquent. Proof of payment can be emailed to mortgageservicing@bfcu.org, please notate you received a Tax Delinquency Letter in your email.

7. Do I need to submit a copy of my tax bill to Barksdale Federal Credit Union for payment?

We obtain the billed tax amounts directly from the taxing authorities. You may retain your bill for your records.

8. My question is not listed.

Please contact a Mortgage Servicing Representative at (318) 549-8170.

1. My property insurance is more than last year, how will this affect my payment?

Your Annual Escrow Analysis will take into account adjustments to your Property Taxes and Property Insurance bills. If you would like to discuss your escrow account in detail, please contact a Mortgage Servicing Representative at (318) 549-8170.

2. What is Barksdale Federal Credit Union's billing address for Escrowed Property Insurance bills?

Barksdale Federal Credit Union
ISAOA/ATIMA
P.O. Box 7348
Natchitoches, LA 71457

3. My loan is not escrowed, why am I being asked to provide proof of insurance?

It is a requirement of all mortgage loans to insure the property against loss. All loans are required to submit proof of coverage documentation annually. That documentation can be sent to:

Barksdale Federal Credit Union
ISAOA/ATIMA
P.O. Box 7348
Natchitoches, LA 71457

Or to mortgageservicing@bfcu.org

4. I changed insurance policies, what do I need to do?

Please have your new information sent to the addresses below:

Barksdale Federal Credit Union
ISAOA/ATIMA
P.O. Box 7348
Natchitoches, LA 71457

Or to mortgageservicing@bfcu.org. You will be responsible for cancelling previous insurance policies and returning any refunds to your escrow account. If you would like to discuss your escrow account in detail, please contact a Mortgage Servicing Representative at (318) 549-8170.

5. My question is not listed.

Please contact a Mortgage Servicing Representative at (318) 549-8170.

1. When are Mortgage Interest Statements/Form 1098 sent out?

They are mailed or e-delivered by January 31st each year.

2. When are Mortgage Interest Statements/Form 1098 sent out?

The primary borrower on the loan may access the Mortgage Interest Statement via Online Banking under Statements, Tax Statements.

3. My Mortgage Interest Statement/Form 1098 was not delivered by mail.

You may verify your statement delivery method via Online Banking. Navigate to the statement page, then enrollments to verify your current selection and make changes to your preferred delivery method.

4. My loan did not generate a Mortgage Interest Statement/Form 1098.

Mortgage Interest Statements/Form 1098 are generated on loans that received scheduled interest payments of $600 or more in the calendar year. If you believe you should have received a Mortgage Interest Statement, please contact a Mortgage Servicing Representative at (318) 549-8170.

5. Information on my Mortgage Interest Statement/Form 1098 seems incorrect.

Please refer to the back of the Mortgage Interest Statement for detailed information provided in each section. If the reported information differs from what is expected for those sections, please contact a Mortgage Servicing Representative at (318) 549-8170.

6. My question is not listed.

Please contact a Mortgage Servicing Representative at (318) 549-8170.

1. How can I obtain a copy of my Mortgage Statement?

The primary borrower on the loan may access the Mortgage Statement via Online Banking under Statements, Mortgage Statements. You may also obtain a copy by visiting your local Branch or contacting a Mortgage Servicing Representative at (318) 549-8170.

2. My Mortgage Statement was not delivered by mail.

You may verify your statement delivery method via Online Banking. Navigate to the statement page, then enrollments to verify your current selection and make changes to your preferred delivery method.

3. Information on my Mortgage Statement seems incorrect.

Please contact a Mortgage Servicing Representative at (318) 549-8170.

4. My question is not listed.

Please contact a Mortgage Servicing Representative at (318) 549-8170.

1. How do I cancel the Private Mortgage Insurance on my loan?

If you have a Conventional Loan, please send a written request to mortgageservicing@bfcu.org or please contact a Mortgage Servicing Representative at (318) 549-8170 for your account to be reviewed for eligibility.

FHA Loans are not eligible for member-initiated termination of Mortgage Insurance Premiums.

2. Can I order a new appraisal to cancel my Private Mortgage Insurance?

The loan must meet a minimum seasoning requirement of two years to be eligible. The appraisal must be ordered by Barksdale Federal Credit Union, to be paid for by the member. For more information, please contact a Mortgage Servicing Representative at (318) 549-8170.

3. My question is not listed.

Please contact a Mortgage Servicing Representative at (318) 549-8170.

1. Can I waive my requirement to escrow for property tax and insurance premiums?

The loan must meet certain eligibility requirements. For more information, please contact a Mortgage Servicing Representative at (318) 549-8170.

2. How often does my escrow account recalculate my payment?

Escrow accounts are analyzed annually. Your Annual Escrow Analysis will take into account adjustments to your Property Taxes and Property Insurance bills to determine the funds needed over the next year. If you would like to discuss your escrow account in detail, please contact a Mortgage Servicing Representative at (318) 549-8170.

3. I received an Annual Escrow Analysis statement showing a Surplus, but I have not received a check.

Please contact a Mortgage Servicing Representative at (318) 549-8170 for assistance.

4. I received an Annual Escrow Analysis statement showing a Shortage. I would like to pay that upfront.

Please contact a Mortgage Servicing Representative at (318) 549-8170 for assistance.

5. Why does my payment change every year?

Your escrow account is analyzed annually to see if insurance or tax amounts have changed. If costs go up or down, your monthly payment adjusts to ensure enough funds are available for the next year

6. My question is not listed.

Please contact a Mortgage Servicing Representative at (318) 549-8170.

1. How much home can I afford?

Your affordable price range depends on your income, monthly debts, credit profile, down payment, property taxes, Homeowner's insurance, and the interest rate. A lender can help you estimate a comfortable monthly payment—not just the maximum amount you could qualify to borrow.

2. What credit score do I need to qualify for a home loan?

Requirements vary by loan type and lender. A higher credit score can improve your loan options and may help you qualify for a lower interest rate. It’s worth checking your credit early and addressing errors or outstanding debts before applying.

3. What are the current mortgage interest rates, and how do I get the best rate?

Mortgage rates change daily and depend on factors such as your credit, loan type, loan term, down payment, and market conditions.

4. How much should I put down for a down payment?

Depending on the loan program, qualified buyers may have options with significantly smaller down payments. A larger down payment can reduce your loan balance and potentially lower your monthly payment, but you should also keep enough cash available for closing costs, emergencies, and other expenses.

5. What closing costs, fees, and other expenses should I expect?

Beyond the down payment, buyers may need to budget for closing expenses. If negotiated, the Seller may pay the allowable amount towards closing costs.

6. What types of home loans are available, and which one is right for me?

There are several types of home loans, including conventional, FHA, VA, USDA, and first-time homebuyer programs. The right loan depends on your credit, income, down payment, military eligibility, property location, and financial goals. A mortgage professional can review your situation and help you determine which loan program best fits your needs.

7. Can I get pre-approved before I find a home?

Yes! Getting pre-approved before you start shopping can help you understand how much you may be able to borrow and gives you a better idea of your home-buying budget. A pre-approval can also show sellers that you are a serious and qualified buyer. Keep in mind that pre-approval is subject to verification of your financial information and final loan approval.

8. Will applying for a mortgage affect my credit score?

A mortgage application typically involves a hard credit inquiry, which may cause a small, temporary change to your credit score. However, multiple mortgage credit inquiries made within a certain shopping period are generally treated as a single inquiry for scoring purposes. It's a good idea to complete your mortgage shopping within a reasonable timeframe and avoid opening new credit accounts before closing.

9. Can I qualify for a mortgage if I am self-employed?

Yes. Self-employed borrowers can qualify for a mortgage. Lenders generally review your income, business history, tax returns, bank statements, and other financial documentation to determine your ability to repay the loan. Requirements vary depending on the loan program and your individual circumstances.

10. Can the seller or lender help pay my closing costs?

Yes, in many cases. Depending on the loan program and transaction, the seller may be able to contribute toward certain closing costs. Lender credits may also be available in some situations. There are limits and requirements that vary by loan type, so your mortgage professional can explain what options are available and how they may affect your loan terms.