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How long does it take to get a mortgage payoff statement? Generally speaking, you should receive your mortgage payoff statement within seven business days of your request.

To get a payoff letter, ask your lender for an official payoff statement. Call or write to customer service or make the request online. While logged into your account, look for options to request or calculate a payoff amount, and provide details such as your desired payoff date.

However, the mortgage loan payoff is typically higher than the balance on your monthly statement. The mortgage payoff will differ depending on the terms of your mortgage agreement. That being said, in simple terms, the difference is essentially the mortgage interest that you agreed to pay when taking out the loan.

A payoff quote shows the remaining balance on your mortgage loan, which includes your outstanding principal balance, accrued interest, late charges/fees and any other amounts. You'll need to request your free payoff quote as you think about paying off your mortgage.

Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions. (12 C.F.R. § 1026.36.)

A payoff statement or a mortgage payoff letter will typically show the balance you must pay in order to close your loan. It may also include additional details, such as the amount of interest that will be rebated due to prepayment, the remaining payment schedule, rate of interest, and money saved for paying early.

What Is A Payoff Statement? 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.

A payoff letter is typically requested by a borrower from its lender in connection with the repayment of the borrower's outstanding loans to the lender under a loan agreement and termination of the loan agreement and related security and guaranties.