A letter of explanation can clarify your financial situation and get you one step closer to qualifying for a mortgage. Creating a payoff letter is essential to any loan or mortgage repayment process.Our free templates and this guide can help you get started. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free. This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. Have a question, need more information, or have an idea you'd like to share? Use the links below to get into contact with the right person. Can I get a personal loan or line of credit with bad credit?