Pay a Loan
Payments are due on or before the due date shown on your statement; payments are considered late if not received by that date. A late fee (if applicable) will be assessed at the end of any grace period that may apply to your loan.
Please send your payment using the return envelope enclosed with your bill. Please do not include correspondence, as this will delay the posting of your payment. If you are sending a payment without using the provided envelope, if you are sending a payment without your payment stub or if you have special payment arrangements with us, please mail your payment to:
Regular Mail
SALEM FIVE – DEPARTMENT 4370
PO BOX 986500
BOSTON, MA 02298-6500
Overnight Mail or General Correspondence
Salem Five
Attn: Loan Servicing/Payments
210 Essex Street
Salem, MA 01970
To Pay Online:
Salem Five's Online Loan Payments is an electronic loan processing system which allows you to make a one-time loan payment to your Salem Five loan via our secure website on a desktop computer, tablet or mobile device.
Mortgage Payment FAQs
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How do I pay by Mail?
Regular Mail:
Attn: Loan Operations/Payments
P. O. Box 840
Salem, MA 01970
Overnight Mail:
Salem Five
Attn: Loan Servicing/Payments
210 Essex Street
Salem, MA 01970 -
How will excess funds paid be applied to my loan?
In most cases, amounts paid in excess of Total Amount Due shown on the front of this bill will be credited to Principal.
In some cases:
- Payments received that are not for the full amount due will be credited to Unapplied Funds until full payment is received.
- We will be unable to reverse, return or otherwise refund excess amounts that are sent to us and are credited to Principal.
You should contact us for instructions on how to make a payment in advance; that is, to make a payment for a future due date. -
When will my payment be credited?
Payments are credited on the business day received. Saturday, Sunday and holidays are not considered business days. To avoid any late charges, please allow sufficient time before the due date for mail delivery, or contact us at the number above to learn about our convenient electronic payment options. In some circumstances, such as for loan payments processed over the telephone, there is a cut-off time for same day processing.
Salem Five must receive your payment by 5:00pm on a business day to ensure same day processing.
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How do I request a Loan Payoff Quote?
Mortgage (including Home Equity loans)
Requests for a loan payoff statement must be submitted in writing and accompanied by written borrower authorization. In order to ensure complete information on your request, please use Payoff Request Form.
Contact Information:
Salem Five
Attn: Loan Payoff Department
210 Essex St.
Salem, MA 01970
eMail: loanserv@salemfive.comA payoff statement will be mailed to you within 5 days of your request.
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What is Escrow Analysis?
Formally known as the Annual Escrow Account Disclosure Statement, an escrow analysis shows you whether your escrow account has a balance or shortage. It also states the new amount of your mortgage payment and the reasons for any surplus or shortfall in the account.
Changes in property tax assessment or a homeowners' insurance premium can cause an escrow account balance to fluctuate. Homeowners who overpaid into the account or experience decreased taxes or insurance charges may receive a refund after an escrow analysis. However, homeowners who underpaid escrow or received a higher tax or insurance bill may end up with an escrow shortage.
Escrow shortages may be paid in full before the due date given on the statement, or the amount due will be spread over the next 12 months beginning after that date. For payment details, please refer to your Escrow Analysis statement once you receive it by mail. If you did not receive your Escrow Analysis statement, please reach out to the Contact Center at (800) 850-5000 to have a copy sent to you.