A payoff statement for a mortgage, sometimes referred to as a payoff letter, is a document that details the exact amount of money needed to fully pay off your mortgage loan. It encompasses your outstanding balance, the interest you owe, and any potential fees.
You need your mortgage details before you decide to refinance your loan, lower your payment or consolidate your debt. Or you may want to get rid of the debt altogether by paying off the mortgage early.
How can I request a payoff quote?
You can request a payoff statement online:
- Go to Payment
- Find the Loan Payoff box and click View Payoff Quote.
Can I authorize a third party to request a payoff quote on my behalf?
Yes, you may authorize a third party (a title company, for example) to request a payoff quote on your behalf. To do so, please contact us.
Why is my payoff quote higher than my principal balance?
In addition to the principal balance of your loan, a payoff amount will always include other costs associated with paying off your loan. These costs include but aren't limited to, the recording fee charged by your county and additional interest that accrues until the entire amount to satisfy the loan is received. Thus, a payoff amount will always be higher than the principal balance.
What happens after I pay off my loan?
Once we receive certified funds sufficient to pay the entire loan balance due, your loan will be recorded as paid in full.
We will then send the required documents to your county to record the satisfaction of your loan. Your county will release the lien attached to the property and return the completed documents.
Generally, it takes 60-90 days to receive your final satisfaction documents; however, timing is dependent on your county.
What happens to my escrow account balance when my loan is paid in full?
The amount of your escrow refund may be reduced by property tax and/or homeowners insurance payments due between now and when you actually pay off your loan. Please allow up to 30 days after the paid-in-full date for your escrow refund check to be received.
Prior to paying off the loan, please ensure your new mailing address has been updated accordingly. In the event you vacate the property after payoff, we want to ensure your escrow refund check is sent to your new mailing address.