Why is my mortgage payoff quote higher than 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 Extra Payments In Cook

Category:

Letters - Loans and Lending - Mortgages Payoff

State:

Multi-State

County:

Cook

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

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.

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.

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.

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.

More info

Check out the payoff instructions on the Payoff Statement. Free mortgage payoff calculator to evaluate options to pay off a mortgage earlier, such as extra payments, bi-weekly payments, or paying back altogether.The mortgage payoff calculator helps you find out. Under the Loan Information section, you will find a payoff request option that will take you to our payoff request form. Subtract your down payment from the purchase price of the house. Add to this any closing costs you plan to finance (or roll into the mortgage). Find out how to pay off your mortgage faster with our mortgage payoff calculator. Take control and achieve financial freedom sooner. The payoff amount isn't just your outstanding balance; it also encompasses any interest you owe and potential fees your lender might charge. The FDIC may be able to assist you in obtaining a lien release if the request is for a customer of a failed bank that was placed into FDIC receivership.

Mortgage Payoff Statement With Extra Payments In Cook

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Why is my mortgage payoff quote higher than balance?

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