10 Day Payoff Letter With Per Diem
Description
How to fill out Sample Letter For Claim To Funds?
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FAQ
The letter should include per diem accrual amounts for interest in the event that the payoff is delayed by one or more days thereafter. A per diem accrual will allow the borrower and new lender to re-calculate the interest component of the payoff amount as of the exact date when the new loan closes.
Per diem interest is the interest charged on a loan on a daily basis. The finance charge is interest calculated since the last time a payment was made. Often, you have a loan payoff at a point in time and it doesn't close and you need to determine the per diem interest for each day the loan doesn't get paid off.
Per diem interest is the amount of interest paid daily on a loan. In the context of mortgages, it's used to account for the period after closing but before your first full month in the home. You pay per diem interest on the time between when you close and the first of the month.
You will need to ask each individual loan servicer that you have what your 10-day payoff amount is. That means if you have six loans you are refinancing, you would need to get a 10-day payoff letter from each of the six lenders. The 10-day payoff is calculated based on calendar days; it is not based on business days.
The amount due in your 10-day payoff is the current loan amount from your old servicer?that includes the principal balance and interest accrued up until today?plus interest that accrues over the next 10 days. That amount could add up quickly, especially if your loan has a high interest rate.