Payoff Statements: What They Are and How They’re Used
A payoff statement is a document that shows the remaining balance on a loan. It is typically used when someone is selling their home or refinancing their mortgage. The payoff statement will list the outstanding principal balance, as well as any interest that has accrued. It is important to note that the payoff amount may be different than the amount you originally borrowed, so it s important to check your statement carefully before making any decisions. Payoff statements are typically issued by the lender, but can also be requested from the servicer of your loan.
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