Paying your property taxes and insuring your home against damages from accidents, natural disasters, and more is your responsibility.
Property Taxes
If you have a Clearwater mortgage, your monthly loan payment may include a portion of your annual property taxes, which we put into your escrow account.
When your property taxes are due, we pull the funds from your escrow account and pay your property taxes. In Montana, that tax bill is split into two payments, with one due in May and the other in November.
Filing Your Taxes
Owning your home has a lot of perks, and the deductions when filing taxes may be one of them. In some cases, you may be able to deduct the interest, points, and/or mortgage insurance premiums you paid on your home loan from your federal return. You’ll need to consult a tax advisor to make sure. Whether you get a refund, you’ll need to file specific tax information about your home loan. Here’s what you’ll need:
We’ll Mail Your 1098 by January 31.
We’ll mail your Mortgage Interest Statement (Form 1098) for the previous tax year by January 31. You can also access it within Digital Banking.
If you get a mortgage loan through Clearwater, we require you to buy and maintain homeowner’s insurance for the life of your loan. This protects both your and Clearwater’s interests. If Clearwater also manages your escrow account, you’ll pay 1/12th of your annual homeowner’s insurance premium with each monthly payment.
In addition to homeowner’s insurance, federal law requires flood insurance for mortgaged homes or buildings located in Special Flood Hazard Areas (SFHAs). We’ll help you determine if your home is located in an SFHA. If so, you’ll need to buy and maintain flood insurance as well.
Your homeowner insurance company may offer flood insurance as an add-on, or you may have to purchase a separate policy. If Clearwater manages your escrow account, you’ll pay 1/12th of your annual flood insurance premium with each monthly payment.
Because of the insurance requirements noted above, it’s very important to keep Clearwater apprised of any changes to your homeowner or flood insurance. If you change companies or coverage, please log in to Digital Banking and securely email us your updated insurance declarations page or give us a call at 406-523-3360.
If you update your insurance company or coverage, your insurer may ask for the following Mortgagee Clause:
Clearwater Federal Credit Union ISAOA
3600 Brooks St
Missoula, MT 59801