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 Franklin

Category:

Letters - Loans and Lending - Mortgages Payoff

State:

Multi-State

County:

Franklin

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.

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.

The statement is provided by the mortgage servicer and can be requested at any time. Accurate payoff information is crucial for managing financial decisions related to property ownership.

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.)

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

Com or fax in the request to (201) 839-4512. Documentation required per AUS Findings and published FAMC program guidelines.Manage your loan account, make payments, view online statements and more! Loan Account Login First time? Contact our friendly and qualified staff at Franklin Savings Bank NH with questions about personal banking, commercial banking, or mobile banking today! Franklin Loan Center provides online access to your loans in progress or applications for new mortgage or refinance. We treat your loan like it's our own. The payoff amount isn't just your outstanding balance; it also encompasses any interest you owe and potential fees your lender might charge. A typed form or form handwritten in capital letters using blue or black ink. Use SmartAsset's free New York mortgage loan calculator to determine your monthly payments, including PMI, homeowners insurance, taxes, interest and more.

Mortgage Payoff Statement With Balance In Franklin

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