A lender's payoff statement or letter will show the amount you need to pay to completely close out the loan. A 10day payoff refers to the time it takes for your new lender to pay off your old loans during a refinance.How to Make a Payment. Mail the funds to the address listed in the payoff letter. It pays to spend some time to carefully review your statements each month to be sure you recognize each line-item as a charge you authorized. Read the mail you get from your credit card companies to spot changes in policies. • Save all receipts and compare them with your credit card statement. Please download the appropriate form below and submit to: Payoff Department MS 7703 1305 Main Street