Posted on: 11th Feb, 2008 03:09 am
I would like to know how can I pay off my loan.
Call your bank, get a payoff in writing with when it is good until. Send a cashiers check.
What is your situation, do you have enough money right now to do it? If so, do as the poster above stated, call and get a pay off and send a check for the amount owed.
I highly advise you to speak to a CPA or a tax professional about the consequences of paying off a mortgage.
spend wisely, and maybe get second income
What type of loan is it and who is it with? You can either do what the other posters are saying or you can visit the company webpage if they have one or call the customer service people that they have in place.
You will need to request a pay off amount, but also ask how long and what date that pay off amount is good until so that you don't get interest added on when you think that you have the loan paid in full.
Is this a local financial institution? Can you walk into the office? If so that would be the best way to go. Hopefully you have found the help that you need here. goodluck and let us know how things work out.
You will need to request a pay off amount, but also ask how long and what date that pay off amount is good until so that you don't get interest added on when you think that you have the loan paid in full.
Is this a local financial institution? Can you walk into the office? If so that would be the best way to go. Hopefully you have found the help that you need here. goodluck and let us know how things work out.
Great advice! :D
You can also ask your lender what the per diem is which is the amount of interest you are accrueing daily. Then once you have your payoff and know when they will recieve your payment you can just calculate how much to send yourself. I would always suggest adding a few days per diem on top of what you plan on sending just incase they don't recieve your payment in a timely manner. Of course thats only if your lender is not a local company and you can just go right in to pay it off. That would be the easiest way to do it if possible.
Always good to get the per diem amount. It makes it so much easier to ensure you send the correct payoff amount.
Also, any particular updates on mortgage markets/economy you guys would like to hear about? Inflation, mortgage rates and real estate. Let me know there has been alot of new updates that are coming in off the wire!
Also, any particular updates on mortgage markets/economy you guys would like to hear about? Inflation, mortgage rates and real estate. Let me know there has been alot of new updates that are coming in off the wire!
Call ur mtg servicer, request for a payoff quote (can be valid upto 30 days), it will be wise to payoff the loan within the quote validation, otherwise some companies charge a quote fee. The quote includes the Unpaid principal balance, any late charges or other fees, back interest and interest till the quote expiration date, any back taxes/escrow if paid by the company and Prepayment penalty if any.
The common thing which most people dont understand is..why do i have to pay for all these charges when i've been paying my loan for the past 2 yrs, why do i need to pay the interest or other charges.... simple explanation to this would be ... pls read the loan docs that you signed when u closed the loan. The loan docs mention all the fees that can be charged.
The common thing which most people dont understand is..why do i have to pay for all these charges when i've been paying my loan for the past 2 yrs, why do i need to pay the interest or other charges.... simple explanation to this would be ... pls read the loan docs that you signed when u closed the loan. The loan docs mention all the fees that can be charged.
Speak to your loan provider and find out how much is remaining to pay, also check if there is any charge on paying off your loan earlier than the fixed plan (if you have one) may work out cheaper to up your monthly payments over a shorter period if there is going to be an unscenely charge.