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Does this mortgage payoff amount seem right?

CreditJim
Established Contributor

Does this mortgage payoff amount seem right?

Hi all,

I’m just finishing up my first ever refinance. I’ve just had the closing disclosure and it says the mortgage payoff owed is $291,400 and when I log into my mortgage account is says the remaining balance is $288,800. I know there’ll be interest but does this spread seem right?
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Message 1 of 10
9 REPLIES 9
CreditInspired
Super Contributor

Re: Does this mortgage payoff amount seem right?

Just ask your mortgage company for the payoff amount in writing for the date you’re closing on the refinancing. 


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Message 2 of 10
JVille
Valued Contributor

Re: Does this mortgage payoff amount seem right?

Call the Escrow Closer and have them email the closing/payoff statement to you so you can see the details. If you still do not understand or agree You need to call your Loan Servicing Dept.
Your payoff will include anywhere between 30 to 60 days of Interest, any shortage in your reserve acct, some charge payoff fee, fax fee, reconveyance fee, recording fees.
Message 3 of 10
CreditJim
Established Contributor

Re: Does this mortgage payoff amount seem right?

Thank-you, I'll do that. If it includes more days of interest than it'll actually be, do they reimburse you?

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Message 4 of 10
JVille
Valued Contributor

Re: Does this mortgage payoff amount seem right?

You will only be charged for the correct number of days. Remember it can take up to 2 business days to get the funds to your Loan Servicer to apply the funds to pay your loan off.
A copy of the actual payoff stmt from your Servicer will give Specific Details Line by Line as to how many days of Interest you will owe at payoff plus any other fees and charges. Get a copy. Do remember that interest is always in arrears when you make your payment. Example your September 1st pmt covers interest due for the period 8/1 to 9/1.
Message 5 of 10
CreditJim
Established Contributor

Re: Does this mortgage payoff amount seem right?

I've just had the payoff statement and you're right, it clears everything up. It was requested over a month ago, so doesn't reflect payments made since then, as well as having some BS fees tacked on and interest through the end of this month. We're supposed to be closing tomorrow. So the title company said we can request a new amount which may through a wrench in the plan, or proceed as we are and the mortgage company will refund me after. I'm fine to wait for a refund from them, I'll also be waiting for a big escrow check from them too. Thanks for helping me clear it up.

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Message 6 of 10
JVille
Valued Contributor

Re: Does this mortgage payoff amount seem right?

You Escrow Closer “Should Have” updated your payoff prior to closing. A month old payoff quote is not acceptable and I’m surprised the lender allowed the file to proceed without an update.
You will be refunded any overpayment plus whatever is in your escrow impound account.
Message 7 of 10
sainttlf
Member

Re: Does this mortgage payoff amount seem right?

That seems about right.  Mine showed $194,200 and the payoff came back at $195,800.  I believe it's interest.  Keep in mind, any escrows you had in your account will be refunded to you within 30 days if you refinanced with another lender...

Message 8 of 10
sainttlf
Member

Re: Does this mortgage payoff amount seem right?

So did your closing go as planned?  All good?

Message 9 of 10
CreditJim
Established Contributor

Re: Does this mortgage payoff amount seem right?

Mostly went as planned. We went in for closing on Thursday and was then told we couldn't close as the Kansas lender had sent over the documents as a mortgage, and our experience closer said in Texas it's considered a Home Equity Loan when you do a cash-out refinance. So we had a 24 hour delay which was annoying, but not the end of the world. They had the correct documents drawn up by a local attorney. Closed yesterday, all went smoothly, and the loan funds on Tuesday. Will await the check from the current mortgage company with my escrow balance.

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