Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started.Edit, sign, and share payoff letter template online. No need to install software, just go to DocHub, and sign up instantly and for free. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. A 10 day payoff is crucial to getting your old loans paid off during a refinance. Learn how it works from start to finish. 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. In this post, I would like to discuss another method for clearing defects in title that can work just as effectively in certain circumstances.