You would owe whatever principle is due on the mortgage at the time it is paid off. There is some daily interest that may be due as well if any has accrued when you payoff the mortgage. The daly interest that accrues would be based off your interest rate.
So if you owed a principle balance of $80,000 and you paid the balance the same day that you got the payoff quote from the bank you should be paying off about $80,000 and maybe some daly accrued interest if any existed, not $154,000.
I can lend nationwide but I mainly cover NY. We can lend up to 95-100% of you homes value.
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Here, I would suggest one name without any doubt and that is a professional VA loan consultant who is an expert in this exclusive arena of military home loan through its specialist VA loan officers.... more
I am state and federally licensed to write mortgages in 31 states for a top direct lender in the mortgage industry who offers FHA, VA, and USDA loans down to a 550 score. We keep your info private not broker it out and we go down to a 550 credit score for VA and FHA loans..
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My lender told me to go USDA and the houses we are looking at are all eligible. The issue is the realtor is saying to go FHA because of the USDA process and there are not always funds? Is this true. I really would like to go USDA and 2 lenders say yes, but realtor saying no. How can I find out if there is a backlog for Montgomery co or berks co?... more