11. What exactly are Payoff Verification Statements?

A Payoff Verification Statement is really a statement given by lenders and servicers that verifies the quantity it would decide to try completely spend down your loan at a particular time later on (often 10, 15, or thirty days ahead of time). The total amount takes into consideration the mortgage stability, interest, costs, and any accrued interest throughout the time that the declaration is required and also the future payoff date offered. Continue reading