Loan Payoff Information
Everything you need to know about paying off your mortgage
Pay Off Your Loan
Whether you're ready to pay off your entire loan or want to make extra payments, we're here to help you through the process.
Payoff Options
Full Payoff
Pay off the entire remaining balance of your loan at once.
Benefits:
- • Complete ownership
- • No more monthly payments
- • Interest savings
Considerations:
- • Large lump sum required
- • Opportunity cost of capital
Partial Payoff
Make an extra payment toward your principal balance.
Benefits:
- • Reduced interest
- • Faster payoff
- • Flexible amount
Considerations:
- • Still have monthly payments
- • May have prepayment penalties
Refinance
Replace your current loan with a new one, often with better terms.
Benefits:
- • Lower interest rate
- • Different loan terms
- • Cash-out option
Considerations:
- • Closing costs
- • New qualification required
- • Rate environment
How to Pay Off Your Loan
1
Request Payoff Quote
Contact us to get an official payoff statement with the exact amount needed and valid dates.
2
Review Terms
Check for any prepayment penalties, interest calculations, and payoff validity period.
3
Arrange Funds
Ensure you have the necessary funds available, including any additional fees or costs.
4
Submit Payment
Make the payoff payment before the quote expiration date to ensure accuracy.
5
Receive Confirmation
Get official confirmation that your loan has been paid in full and lien released.
Important Payoff Information
- • Payoff quotes are valid for 10-15 business days
- • Interest accrues daily, so timing matters
- • Check for prepayment penalties before paying off
- • Ensure you have the exact amount including all fees
- • Keep records of all payoff transactions
- • Contact us if you have questions about the process
Frequently Asked Questions
How do I get a payoff quote?
Contact our loan servicing department by phone, email, or through your online account. We'll provide an official payoff statement with the exact amount and validity period.
How long is a payoff quote valid?
Payoff quotes are typically valid for 10-15 business days. After this period, you'll need to request a new quote as interest accrues daily.
Are there prepayment penalties?
This depends on your specific loan terms. Some loans have prepayment penalties, especially in the first few years. We'll include any penalties in your payoff quote.
Can I make a partial payoff?
Yes, you can make extra principal payments at any time. This reduces your total interest and can help pay off your loan faster.
What happens after I pay off my loan?
We'll process the payoff, release the lien on your property, and send you a satisfaction of mortgage document. You'll also receive a final statement.
Can I pay off my loan online?
Yes, you can make payments through our online portal. For full payoffs, we recommend contacting us first to ensure you have the correct amount.
Ready to Pay Off Your Loan?
Get a payoff quote or speak with our team about your options.