First Mortgage: The payoff amount for the outstanding balance of the first mortgage to be paid and satisfied based on a valid payoff quote issued by the first mortgage lender. It will usually differ from the amount of the last mortgage statement since it is calculated to the day the loan funds to include interest from the last payment date and a daily interest amount (per diem) to be added up to the date the final payment clears. Second Mortgage: The payoff amount for the outstanding balance of the second mortgage to be paid and satisfied based on a valid payoff quote issued by the first mortgage lender. It will usually differ from the amount of the last statement since it is calculated to the day the loan funds to include interest from the last payment date and a daily interest amount (per diem) to be added up to the date the final payment clears.
The payoff amount for the outstanding balance of the home equity line of credit to be paid and satisfied based on a valid payoff quote issued by the first mortgage lender. It will usually differ from the amount of the last statement since it is calculated to the day the loan funds to include interest from the last payment date and a daily interest amount (per diem) to be added up to the date the final payment clears.
Other Liens:
The payoff amount for any additional mortgages, loans, liens, judgments or other items filed as a lien on the subject property that may be required by the new lender or the title company to be satisfied at closing.
Other Payoffs:
The payoff amount for any additional items to be paid or satisfied at closing, including those that may be required to be paid by the new lender. This may include debt obligations, credit cards and consumer debt or payments to creditors that may not have a filed lien against the subject property.
The customer service representative at myClosingSPACE.com will provide a preliminary copy of the settlement statement, discuss the exact figures and how much is required to be brought to the closing.
