How to payoff mortgage

[skives]

We are paying off our mortgage this week. I need to generate a payoff statement to send with it. What date do I select for the payoff if I’m sending it through the mail? Would it be better to do a wire transfer? Don’t know the costs for a wire transfer.

[disneysteve]

I recommend calling your mortgage company and asking them. Also check with your bank. I don't remember the details as it's been several years but this got screwed up when we did ours (or maybe when we paid off our HEL but same deal). I did a wire transfer online but there were 2 options. I chose the one that appeared to be quicker but it turned out not to be so by the time they received it, more interest had accrued and we were left with a small balance. I had to make another payment to satisfy that.

[bjl584]

If you call them they should be able to give you a payoff amount that will be good for X amount of time.
This normally gets screwed up so expect a small refund or a small amount owed.

[kork13]

Personally, I'd just call the mortgage company to ask what they prefer/recommend. I think I used a wire transfer (at the bank's direction) to payoff our house. $20 wire fee, but it's same day/next day delivery. Or if you have bank accounts with the mortgage holder, sometimes they'll let you set it up to just draft from your account within the bank.

[skives]

The bank my mortgage is with says they need to have a payoff statement company the payment. How would that work for a wire transfer?

[ua_guy]

The bank that services the mortgage will (should) provide an explicit set of instructions for payoff. Ours, for example, would not allow a wire transfer for the payoff. The process seemed excruciatingly stupid, but it achieved the desired result.

[myrdale]

CONGRATULATIONS!!!

In my case, my mortgage was through a local bank. I told the loan officer I was about to pay it off and she worked up a quote for me. I think I owed on the order of $5k or so at the time and I was given a week time frame to make the payment. The cost was like $0.11 different than what I had calculated, insurance or property tax I'd assume. Anyway I cut the check and that was that!

[Fishindude77]

CONGRATULATIONS!!!
In my case, my mortgage was through a local bank. I told the loan officer I was about to pay it off and she worked up a quote for me. I think I owed on the order of $5k or so at the time and I was given a week time frame to make the payment. The cost was like $0.11 different than what I had calculated, insurance or property tax I'd assume. Anyway I cut the check and that was that!

Very similar situation when we paid off.

[Frugal Bugler]

Wife and I refinanced. We received two refund checks about $700 each. After closing, the bank lost one document of the bunch and
we had to resign every damn sheet of paper with a notary because of the new date. This new loan is absorbing a huge amount of
credit card and loan debt and freeing up $750/mo of snowball payments. We are expecting a total payoff in five years max. All I can
say is that I would rather have the $1500 back than scramble to have been shorted, either a day late or a dollar short.
Oh, you must be in heaven with the freedom! I can't wait to stand in your shoes.

[myrdale]

Wife and I refinanced....... This new loan is absorbing a huge amount of credit card and loan debt and freeing up $750/mo of snowball payments. We are expecting a total payoff in five years max. All I can say is that I would rather have the $1500 back than scramble to have been shorted, either a day late or a dollar short.....

I am having a bit of a hard time following what you're describing. It sound like you refinanced your home, and rolled existing credit card and other debt into the loan. I am glad that it is working out for you, but in general rolling credit card debt into your mortgage can be a risky move. Unless you refinanced at a substantially lower rate, or your principle was substantially lower you're almost certainly going to have a higher monthly payment. If you ever ran into financial problems, you could have skipped on the credit cards and only paid the mortgage. Now you don't have that option.

You lost me about wanting $1,500 back. Was that the cost to refinance?

[skives]

How long after they receive my certified cashiers check should the payoff show up on my online account?

[kork13]

How long after they receive my certified cashiers check should the payoff show up on my online account?

It depends on their processing. It could be as little as a few days, or as long as a few weeks. If it gets to your next statement date & you haven't seen it update, just give your mortgage company a call.