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 King

Category:

Letters - Loans and Lending - Mortgages Payoff

State:

Multi-State

County:

King

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.

Basically, your balance is what you currently owe, and your payoff is what you owe plus interest that accrues from the statement date and a specific payoff date.

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

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.Yes. The principal balance is the amount of money you will have to pay - if you pay off the mortgage within a certain amount of time. Check out the payoff instructions on the Payoff Statement. A payoff statement or a mortgage payoff letter will typically show the balance you must pay in order to close your loan. The mortgage company website allowed you to create a payoff statement as of a certain date. If you look carefully at the closing settlement statement, you will find the mortgage balance plus 27 days of interest have been paid to the lender. A mortgage payoff letter can come in two forms. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. Alex King is a dedicated Loan Consultant with solid experience in home loan origination.

Mortgage Payoff Statement With Balance In King

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FAQ

How do I get my mortgage payoff statement?

Is the mortgage payoff amount more than the balance?

Why is my mortgage payoff quote higher than my balance?

Where do I get a payoff statement?

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