Avatar's Blog
» Closing Documents - Payoff Letters
If youare refinancing a property with Avatar Financial Group, you will be asked to provide a payoff notice or payoff letter. This is an easy document to obtain and should take anywhere from a few minutes via fax to a week if it must be mailed by US post. Contact your current mortgage bank by phone and ask for the payoff amount. Ask the bank to provide an amount which will be applicable for the anticipated date of closing, which may be one to three weeks from the time you request the document.
The mortgage holder will generate a document giving a payoff amount applicable to the payment being received before the next payment date. Generally, people make monthly mortgage payments. Depending on the date of your payment and the date you request the payoff amount, you may want to ask the lender to provide a payoff amount for the month following the next payment.
