Mortgage Payoff Statement With Extra Payments In Suffolk
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Ideally, you want your extra payments to go towards the principal amount. However, many lenders will apply the extra payments to any interest accrued since your last payment and then apply anything left over to the principal amount. Other times, lenders may apply extra funds to next month's payment.
After you have the payoff letter, you can send the final payment to your mortgage lender. Before sending over the funds, ask the mortgage lender how they want to receive them. Depending on your situation, you might choose to transfer or wire the funds. It's a good idea to track the payment to ensure it goes through.
Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions. (12 C.F.R. § 1026.36.)
The Record & Return To box (number 6) on the Suffolk County Recording and Endorsement Form must be properly completed for the timely return of your recorded mortgage. NOTE: Must be printed on legal size (8 1/2 x 14) paper. Mortgage Tax is computed by a formula based on 1.05% of the amount of the mortgage.
Under federal law, the servicer must generally send you a payoff statement within seven business days of your request, subject to a few exceptions. (12 C.F.R. § 1026.36.)
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.
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.
