You may or may not receive this document. A promissory note states that someone promises to pay something-in this case, a mortgage. Here’s what you can expect, which documents are essential and which ones you can make do without. The documents you receive may depend on your loan servicer. If it doesn’t, ask whether a personal check or ACH transfer is acceptable. Your payoff statement should also note whether you need to make your final payment via wire transfer, bank check (cashier’s check) or certified check, any of which will incur a small fee. And ask your lender ahead of time what fees you might incur when paying off the rest of your loan. If you decide to make extra payments on your mortgage, it’s important to tell your lender to direct those funds to the principal balance of the loan. But there can also be fees if you’re paying off the loan earlier than the original term. You may have to pay some fees with your final mortgage payment that are often meant to release final paperwork, like proof to the county that you now own the home. It will also provide a date for when you need to pay it off. The payoff quote will say exactly how much principal and interest you need to pay to own your home free and clear. You’ll find it on your mortgage statement. You can often do this through the servicer’s website while logged into your home loan account. What To Do After Paying Off Your Mortgage?īefore you can make your final mortgage payment, you’ll need to ask your loan servicer for a payoff quote.
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