Why is my mortgage payoff quote higher than my balance?

This is likely because you've been paying down your mortgage in addition to making your monthly payments. It seems you've made some large additional principal reduction payments (good for you!) which mean you are paying off your mortgage sooner than the bank originally expected.

US Legal Forms
Legal Letters
Sample Letter for Payoff of Loan held by Mortgage Company

Mortgage Payoff Statement With Balance In Alameda

Category:

Letters - Loans and Lending - Mortgages Payoff

State:

Multi-State

County:

Alameda

Control #:

US-0019LTR

Format:

Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

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FAQ

There's a process to getting the mortgage payoff statement. First, you'll need to contact your lender and let them know you want the information. Depending on your lender, you may have to sign in to an online account, call a helpline, or send a formal letter to start the request process.

Two popular options include: Call – Your mortgage company can give you your mortgage balance over the phone. Simply call and ask. Go online – Your mortgage company website will probably show your mortgage balance.

The difference between this figure and your outstanding balance is the interest saved and is known as a rebate of interest. When you request a settlement figure you will also receive the information in writing.

Definition of a Mortgage Balance. A mortgage balance is the full amount owed at any period of time during the duration of the mortgage, and is the sum of the remaining principal owing and accrued interest.

TILA requires that a mortgage lender or servicer send ''an accurate payoff balance within a reasonable time, but in no case more than seven business days'' after receiving the borrower's request. 15 U.S.C. § 1639g.

This is likely because you've been paying down your mortgage in addition to making your monthly payments. It seems you've made some large additional principal reduction payments (good for you!) which mean you are paying off your mortgage sooner than the bank originally expected.

More info

It's Easier With AMC ; Fast Pre-Qualification. Complete our secure online application ; Secure Online Portal.The payoff amount isn't just your outstanding balance; it also encompasses any interest you owe and potential fees your lender might charge. The mortgage payoff statement is a document that provides a comprehensive breakdown of the remaining balance on a mortgage. Credit Union of Denver, a Colorado credit union serving the Denver community. You can request a payoff statement online 24 hours a day, seven days a week. To request a statement from Freedom Mortgage, log in to your account or mobile app. Manage your money on the move. Check balances, transfer funds, send money and more from your mobile banking app. We offer local commercial lending decisions with flexible options.

Mortgage Payoff Statement With Balance In Alameda

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