FAQs

Yes! You can transfer money to an external account by logging into Blaze Digital Banking. From the Transfer & Pay menu, select Manage External Accounts.

Once your external account has been added, it will appear as an option when selecting Transfer Money or Loan Payments from the Transfer & Pay menu.

All Blaze ARM loans come with the Rate Re-Lock Guarantee which means you can re-lock your rate at any time, for an additional fixed period, at current rates. The available rate will depend on your original chosen loan program. The newly re-locked rate will be applied to the remaining term and principal balance of your existing Blaze ARM. Re-locking does not require an application, credit check or appraisal. Fee applies. To request a re-lock, please contact your Mortgage Loan Officer for details.

Escrow accounts hold funds for property taxes and insurance payments. Every year Blaze is required to analyze your escrow account to determine if we are collecting an adequate amount to pay your property tax bills and insurance premiums for the year. The purpose of the Escrow Account Disclosure Statement is to provide information on amounts collected and paid for the previous year and projected payments for the current year.

Your Escrow Account Disclosure Statement may look a little different from the screenshots below, however, the content is the same.

Escrow Activity for the Prior Year

This section lays out the expected and actual escrow transactions for the previous 12 months.

In the above example, both the property taxes and insurance increased so the amount projected is less than the amount disbursed.

Escrow Projection for the Current Year

This section calculates the new escrow payment based on the current property tax bills and insurance premiums.

Payment Change for the Current Year

This section breaks down the new payment.

The T&I Payment is from the Escrow Projection section which is based on your current property tax and insurance invoices.

The shortage is calculated using 3 factors: The difference between the Projected and Actual T&I payments, the Projected and Actual T&I Balance, and the required low point.

Generally, shortages are caused by an increase in property tax bills and/or insurance premiums. The amount collected in escrow is based on the prior year invoices so if the amounts increase for the current year, the funds collected could be short.

You have two options if you have a shortage:

1. You can pay the shortage at least two weeks prior to your scheduled payment change date listed on your escrow analysis. Please note, if you choose this option, your monthly payment will be adjusted to not collect for the shortage amount.
2. You can pay the shortage amount over the next 12 months with your monthly payment. No action is required for this option.

Escrow Surplus

Any surplus over $50 will automatically be deposited into your share savings account within 2 weeks of the escrow analysis statement date.

Updating Automatic Payments

If you have set up your automatic payment through Digital Banking or Bill Pay, then you will need to update your payment amount. If Blaze has set up your automatic payment for you, we will update this on your behalf.

If you are having financial hardship and are past due on your loan, please contact our Collections department at 651.215.3510. One of our representatives will help you with a solution.

Blaze also recommends LSS Financial Counseling, a certified nonprofit financial counseling service that has been providing free, nonjudgmental support and guidance for more than 35 years.

The easiest and most secure way to submit your payment is through Blaze Digital Banking. Select the Transfer & Pay menu to get started.

For additional options, please visit our Manage Your Blaze Loan.

Generally, property taxes and insurance premiums change yearly which would cause a change in your payment. If your property taxes and insurance increase, your payment will increase as well.

1. A complete copy of the title work and/or title agreement.
2. Income verification – most recent paystub.
3. Copy of the Underwriting and Transmittal Summary (1008).
4. Copy of new mortgage credit application (1003).
5. A complete copy of the Loan Estimate.
6. The closing date of the new mortgage.
7. The new mortgage amount.
8. The full name of the new first mortgage lender.
9. A complete copy of the appraisal. If not required for your loan, then Collateral Valuation (Fannie Mae/Freddie Mac) or AVM.
10. The mailing address to send the Subordination Agreement.
11. Contact information including name, phone, and fax number.
12. What kind of new mortgage is it (Term, Rate, Fixed, Variable, etc.)
13. A check for the $250 Subordination charge made out to Blaze Credit Union. Please include your Blaze Account Number or Social Security Number and reference that the check is for a Subordination Agreement.

Mail all of the above items to:

Blaze Credit Union
ATTN: Real Estate Underwriting
2025 Larpenteur Ave W
Falcon Heights, MN 55113

Do not fax or email subordination requests to Blaze. Please do not use staples.

General review/decision (to grant a subordination) process time is 5 business days from the date of receiving above listed items including the $250.00 processing fee. We will fax or email the agreement when it is complete (if requested) and we will mail the original. If you have any questions or concerns, please call us at 651.215.3500.

1. Once you've finalized your new insurance policy, make sure to cancel your homeowner's policy with your previous insurance provider. 
2. Your new insurance policy should include your loan number and this mortgagee cause:
   
   Blaze Credit Union
   ISAOA/ATIMA
   PO Box 1999
   Carmel, IN 46082
    
3. If Blaze has paid an insurance premium on your behalf to the previous provider within the past 12 months, retain any refund you receive from the previous provider. You should then pay your new provider's premium out-of-pocket. It does not need to be deposited into your escrow account at Blaze.
4. If you would like Blaze to make the new premium payment to your new insurance carrier, please contact Blaze Mortgage Servicing. Then, send a check in the amount of any refund you received from your previous carrier to be deposited into your escrow account payable to Blaze Credit Union.
5. Any adjustments to your escrow account related to the cost of your homeowners insurance will be reflected on your next Annual Escrow Analysis in June.

Private Mortgage Insurance (PMI) is required on your loan if your Loan to Value ratio is more than 80%. PMI protects lenders and others against financial loss if the borrowers default. Charges for the insurance are added to your loan payments. Under certain circumstances, federal law gives you the right to cancel PMI or request PMI to automatically terminate.

If you are current on your loan payments, PMI will automatically terminate on the date the principal balance of your loan is first scheduled to reach 78% of the original value of the property.

If you would like to request the cancelation of PMI on your loan, please contact Blaze Mortgage Servicing for guidelines.