I would like to submit my application for the loan opening. Please accept this letter and the attached resume.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. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. 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. A payoff letter provides instructions on how to pay off a loan with a lump sum before the loan term ends. Learn how payoff letters work.