First you need to know what the payoff figure is. Mortgage lenders ask for a letter of explanation to better understand your finances when determining whether to approve you for a loan.All mortgage payoff letters tend to contain similar information, including: • Payoff amount: The amount of money that would satisfy the loan. Edit, sign, and share lien payoff letter template online. No need to install software, just go to DocHub, and sign up instantly and for free. A mortgage payoff letter can come in two forms. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. You should definitely keep the letter telling you that your loan was paid off in full. We'd also want you to keep at least the most current loan statement. Tax return or official tax return transcript.