A payoff statement for a mortgage, sometimes referred to as a payoff letter, is a document that details the exact amount of money needed to fully pay off your mortgage loan. It encompasses your outstanding balance, the interest you owe, and any potential fees.
You need your mortgage details before you decide to refinance your loan, lower your payment or consolidate your debt. Or you may want to get rid of the debt altogether by paying off the mortgage early.
How can I request a payoff quote?
You can request a payoff statement online:
- Go to Payment
- Find the Loan Payoff box and click View Payoff Quote.
Can I authorize a third party to request a payoff quote on my behalf?
Yes, you may authorize a third party (a title company, for example) to request a payoff quote on your behalf. To do so, please contact us.
Why is my payoff quote higher than my principal balance?
In addition to the principal balance of your loan, a payoff amount will always include other costs associated with paying off your loan. These costs include but aren't limited to, the recording fee charged by your county and additional interest that accrues until the entire amount to satisfy the loan is received. Thus, a payoff amount will always be higher than the principal balance.