Payoff letters aren't the only way to learn about your current loan balance. You can also talk to your lender and request a verbal payoff quote.The mortgage payoff statement is a document that provides a comprehensive breakdown of the remaining balance on a mortgage. How to fill out the Payoff Request Letter Templates? 1) Call the mortgage department and request an official principal payoff letter. 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. A payoff request can be created and mailed for free. How long does it take to obtain a payoff? 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.