What Is a Payoff Request?
There are occasions when a mortgage loan borrower may wish to pay off their existing loan early. It could be that the borrower is refinancing their home or seeking to consolidate debt. Whatever the reason, their current loan must be paid off first before a new one can be issued. And in order for a borrower to know the exact amount they owe on their loan, they generally have to submit a payoff request to their lender.