Annual Mortgage Statement

DEFINITION of 'Annual Mortgage Statement'

An annual report sent to a mortgagor by the mortgagee's servicer detailing the amount of interest and points paid during the preceding year and the remaining principal balance of the mortgage. If taxes and/or insurance are escrowed, the amount of taxes paid during the preceding year on behalf of the mortgagor by the servicer will also be shown, as will an ending escrow balance.

BREAKING DOWN 'Annual Mortgage Statement'

In the United States, the annual mortgage statement is also known as the year end statement or Form 1098, which is used when filing taxes.

RELATED TERMS
  1. Option Adjustable-Rate Mortgage ...

    A type of mortgage where the mortgagor (borrower) has several ...
  2. Escrow

    A financial instrument held by a third party on behalf of the ...
  3. Mortgagor

    An individual or company who borrows money to purchase a piece ...
  4. Escrow Agreement

    A legal documents that outlines the terms and conditions between ...
  5. No-Fee Mortgage

    A mortgage in which a mortgagee does not charge the mortgagor ...
  6. Bulk Sales Escrow

    A type of escrow agreement placed on the sale of inventory, business ...
Related Articles
  1. Personal Finance

    What does "In Escrow" Mean?

    Escrow is a financial agreement involving two parties, usually a buyer and a seller. The buyer deposits money, securities or other funds into the escrow account, where they are held until both ...
  2. Personal Finance

    Understanding The Mortgage Payment Structure

    While a mortgage’s size and term set the baseline, the interest, taxes and insurance all influence the amount of the monthly payment.
  3. Investing

    Understanding the Mortgage Payment Structure

    We explain the calculation and payment process as well as the amortization schedule of home loans.
  4. Personal Finance

    How To Deduct Property Taxes

    Find out how you can deduct property taxes.
  5. Personal Finance

    Mortgage Basics: Costs

    By Lisa SmithPeople generally think about a mortgage in terms of the monthly payment. While that payment represents the amount of money needed each month to cover the debt on the property, the ...
  6. Markets

    How Interest Rates Work On A Mortgage

    A step-by-step explanation of the interest calculations, mortgage types, and how the loan is eventually "retired" – which means paid off.
  7. Trading

    Understanding The Escrow Process

    Learn the 10 steps that lead up to closing the deal on your new home and taking possession.
  8. Investing

    Score a Cheap Mortgage

    Hidden costs can create what looks like a good deal. Find out how to find the best mortgage possible.
  9. Personal Finance

    Shopping for a mortgage in 2016? Use this tool first.

    As home-buying technology has progressed, the process of finding the best mortgages rates for 2016 can all be done online.
  10. Personal Finance

    Shopping for a mortgage in 2016? Use this tool first.

    As home-buying technology has progressed, the process of finding the best mortgages rates for 2016 can all be done online.
RELATED FAQS
  1. Do mortgage escrow accounts earn interest?

    Paying down monthly mortgage escrow accounts? Will you receive any interest on this payment? If you are, should you put more ... Read Answer >>
  2. Does the bank set up an escrow account for the buyer and seller in a home sale?

    Learn about the process of escrow and who is responsible for setting up escrow accounts for the buyer and seller in the purchase ... Read Answer >>
  3. Do FHA loans require escrow accounts?

    Understand how FHA mortgages require escrow accounts for property taxes, homeowners insurance and mortgage insurance premiums ... Read Answer >>
  4. Do landlords set up escrow accounts for their tenants' security deposits?

    Learn when and why landlords place rental property security deposits in separate escrow accounts to make sure the money is ... Read Answer >>
  5. Why does the majority of my mortgage payment start out as interest and gradually ...

    When you make a mortgage payment, the amount paid is a combination of an interest charge and principal repayment. Over the ... Read Answer >>
  6. Do tax liabilities appear in the financial statements?

    Find out how taxes are shown on the balance sheet, the income statement and the cash flow statement, and why taxes are an ... Read Answer >>
Trading Center