A 10day payoff refers to the time it takes for your new lender to pay off your old loans during a refinance. 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. Request a payoff quote before you send your final payment. I went to check my account this morning since my statement was posted and now my account page says no payment due and I'm in forbearance till January 2026. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. First Citizens provides a full range of banking products and services to meet your individual or business financial needs. I did received a snail mail letter a few days ago saying my loans were in forbearance till August 2024 for calculating repayment. Pre-qualify for an auto loan and browse vehicles based on your approval without impacting your credit.