[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Mortgage Service's Name] [Address] [City, State, Zip Code] Subject: Request for Payoff Balance of Mortgage Loan Dear [Mortgage Service's Name], I hope this letter finds you well. I am writing to request the payoff balance for my mortgage loan held with your organization. I am currently a homeowner residing at [Property Address] on the beautiful island of Guam. Guam is a vibrant and culturally diverse U.S. territory located in the Western Pacific Ocean. Known for its stunning beaches, friendly locals, and unique Chamorro heritage, Guam offers a captivating blend of natural beauty, history, and modern amenities. Having purchased my property on Guam, I have been diligently making payments towards my mortgage with your esteemed institution. As I am nearing the end of my mortgage term, I am excited to request the current payoff balance for my loan. I kindly ask you to provide me with the following details: 1. The total amount required to pay off my mortgage loan, including principal, interest, and any outstanding fees or charges. 2. The effective date of the payoff balance statement. 3. Any additional instructions or requirements for the payoff process. Please ensure that the payoff statement is itemized, outlining all components contributing to the final balance. Also, I would appreciate it if you could provide the statement within 15 days from the date of this letter. If there are any fees associated with obtaining the payoff balance, please inform me in advance so that I can make the necessary arrangements for payment. I kindly request that all communications regarding this matter be conducted in writing to maintain transparency and avoid any potential misunderstandings. Please accept my sincerest gratitude for your prompt attention to this request. I truly appreciate your assistance as I navigate this final phase of my mortgage journey. If you require any further information or documentation to facilitate this process, please do not hesitate to contact me at the provided phone number or email address. Thank you for your professionalism and support. I look forward to receiving the payoff balance statement and completing this important financial transaction. Sincerely, [Your Full Name]
Guam Sample Letter Requesting Payoff Balance of Mortgage
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How to fill out Guam Sample Letter Requesting Payoff Balance Of Mortgage?
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FAQ
To get a payoff letter, ask your lender for an official payoff statement. Call or write to customer service or make the request online. While logged into your account, look for options to request or calculate a payoff amount, and provide details such as your desired payoff date.
Your payoff amount is different from your current balance. Your current balance might not reflect how much you actually have to pay to completely satisfy the loan. Your payoff amount also includes the payment of any interest you owe through the day you intend to pay off your loan.
You can calculate a mortgage payoff amount using a formula. Work out the daily interest rate by multiplying the loan balance by the interest rate, then dividing that by 365. This figure, multiplied by the days until payoff, plus the loan balance, gives you your mortgage payoff amount.
If you've been paying on a loan for awhile and it's getting close to where you can pay it off, you may notice that the payoff amount of the loan is different than your loan's current balance. No, it's not a mistake. That's because the difference likely is because of the way the interest of your loan is calculated.
The current principal balance is the amount still owed on the original amount financed without any interest or finance charges that are due. A payoff quote is the total amount owed to pay off the loan including any and all interest and/or finance charges.
Understanding your settlement figure Your balance might be lower than your settlement figure because of a Direct Debit payment you've made. A Direct Debit could still go out after you get a settlement figure and before you pay off your loan. This will reduce the amount you owe and make your balance lower.
Include all relevant information in the payoff letter, including: Include the name of the loan or mortgage holder. Include the loan or mortgage number. Include the payment amount. Include the date you plan to make the payment. Include your name and address. Include your contact information.
