I am starting to think about paying off our house, and so I looked up some info on the internet.
Here's what I found:
- If you ask for a payoff amount, they charge you a fee! Well, I won't need a payoff amount - I'm just going to pay until it's done. There may be $20 or so that they owe me back.
- They charge you to record the payoff with the County - so I am going to check with the County and see what that recording fee is
I asked my bank (which is a smallish local bank) if I could meet with a loan officer about our impending payoff (probably 4 or 5 months off) and the woman said I couldn't make an appointment, that they would need to contact me. She asked if our loan was there (um, yes, otherwise why would I want to talk to them?). Then she said "So this is a refi," and I realized that she misunderstood and thought I wanted a new loan. I explained that I didn't want a new loan, that I was going to pay off our mortgage in full in a couple of months. And she looked at me blankly. But she took down my info and said someone would contact me to make an appointment.
Do you think someone will contact me? I don't. But I have a couple of months to work on this and find out what happens next.
For those of you who have paid off your mortgage (and I know it's different in different states) how does this work? Do I cancel my automatic payments? What were the fees?
I can't even ask my parents because they still have a mortgage. I have two friends whose mortgages are paid off, so I'm going to ask them how it worked. I like to know ahead of time.
PS - paid off another $75 from the gym payment for this month, so we now owe $10,600.
Thinking about Mortgage Payoff
April 16th, 2017 at 11:49 pm
April 17th, 2017 at 12:36 am 1492385767
Last time I paid off a mortgage, I think it was $30 to calculate the pay-off and $15 to record the release of lien, which was mailed to me by the recorder's office.
April 17th, 2017 at 01:50 am 1492390222
April 17th, 2017 at 01:58 am 1492390700
April 17th, 2017 at 05:33 am 1492403595
April 17th, 2017 at 07:36 pm 1492454200
April 19th, 2017 at 01:03 am 1492560189
I happened to be downtown, a few blocks from our provincial registration office, stopped by, picked up the registration papers. They were simple to complete, signed and witnessed by our bank's Commissioner of Oaths and shocked the clerk by hand delivering them two days after I got the receipt and documentation from the lender.
April 19th, 2017 at 01:27 am 1492561638
Congrats!
April 19th, 2017 at 02:22 pm 1492608128
April 19th, 2017 at 03:36 pm 1492612609