![]() Request a payoff quote from your mortgage servicer.Here’s a quick summary of what’s involved in making your final mortgage payment. If you don’t have proof within about 90 days that the certificate of satisfaction has been recorded, you may need to contact your loan servicer and speak with the lien release department. Again, it’s okay if they don’t, as long as you have other evidence. Your loan servicer might send you an official letter memorializing that you’re done paying off your loan. Hang on to this one, too, as proof of full repayment. It’s free and easy to get your final mortgage statement showing that you don’t owe any principal, interest or fees. This is a document you definitely want for your records. It may be one of the fees on your loan payoff statement. Expect to pay $25 to $50 for this service. Your local office of records (the county recorder, county clerk or another department depending on where you live) will record a certificate of satisfaction once you or your loan servicer provides official documentation of your loan being paid off. It’s also possible your servicer will send it only to the government office of records where your deed was originally recorded. This is another document your servicer may or may not send you when you pay off your home. A deed is an official document showing that your lender has a right to your home if you stop paying the mortgage. Deed of trust or mortgage deed (“deed”).It’s probably okay if you don’t, as long as you have other proof that you’ve paid off your loan. 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. Reaching the Final Mortgage Payments: What’s Nextīefore you can make your final mortgage payment, you’ll need to ask your loan servicer for a payoff quote.
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