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PAYOFF STATEMENT REQUEST Title Company Use Only Complete and submit the form to HCDDLoanServicing Houston.gov. Please be aware, failure to submit all required materials may delay or prevent the processing

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How to fill out payoff statement

How to Fill Out Payoff Statement:

01

Gather all necessary information: Before filling out a payoff statement, make sure you have all the relevant information at hand. This includes the borrower's name, loan account number, and contact details.

02

Determine the purpose of the payoff statement: Figure out why you need the payoff statement. Are you refinancing the loan, selling the property, or simply requesting an updated balance? This will help you provide the correct information in the statement.

03

Contact the lender: Reach out to the lender or the loan servicing company to request a payoff statement. They will guide you on the specific documentation requirements and procedures to follow. Some lenders may have an online portal to request the statement, while others may require a written request.

04

Fill in the borrower's information: Begin by entering the borrower's name and contact details. This includes their full name, address, and phone number. Ensure that the information is accurate to avoid any discrepancies or delays.

05

Provide loan details: Next, input all the necessary loan details. This typically includes the loan account number, current balance, and interest rate. Double-check these figures to ensure accuracy.

06

Specify payoff date: Indicate the desired payoff date in the statement. This is the date you plan to settle the entire loan amount. Make sure to consider any additional interest that may accrue between the statement date and the payoff date.

07

Include any additional fees: If there are any additional fees associated with the payoff, such as prepayment penalties or administrative charges, make sure to clearly specify them in the statement. This will provide a comprehensive view of the total amount required to satisfy the loan.

Who Needs a Payoff Statement:

01

Homeowners selling their property: When selling a property, homeowners may need a payoff statement to determine the exact amount owed to the lender. This helps ensure that the mortgage is fully satisfied upon transferring the property's ownership.

02

Borrowers refinancing their loan: Those interested in refinancing their loan often require a payoff statement to determine the remaining balance. This helps them assess whether refinancing would be financially beneficial in terms of interest rates and terms.

03

Individuals seeking accurate loan information: Even if not selling or refinancing, individuals may need a payoff statement to obtain up-to-date and accurate loan information. This allows them to assess their financial standing and plan accordingly.

By following these steps to fill out a payoff statement and understanding who needs it, you can effectively provide and utilize this important financial document.

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What is payoff statement?

A payoff statement is a document provided by a lender that outlines the amount required to fully pay off a loan.

Who is required to file payoff statement?

The lender or financial institution holding the loan is required to file the payoff statement.

How to fill out payoff statement?

To fill out a payoff statement, the lender needs to include details such as the loan amount, interest rate, and any applicable fees.

What is the purpose of payoff statement?

The purpose of a payoff statement is to inform the borrower of the total amount needed to pay off the loan in full.

What information must be reported on payoff statement?

The payoff statement must include the outstanding loan balance, any accrued interest, and any applicable fees.

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