---
title: What Is a Payoff Request?
description: A payoff request is a statement prepared by your lender which details the payoff amount for prepayment of your mortgage loan.
image: https://info.carringtonmortgage.com/hubfs/IMAGES/Newsletters/shutterstock_1866707476.jpg
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# What Is a Payoff Request?

<https://info.carringtonmortgage.com/information-center/author/marketing>

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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. 

**What Is a Payoff Request?**

A payoff request is a statement prepared by your lender which details the payoff amount for prepayment of your mortgage loan. The payoff statement will typically be the remaining balance on your mortgage loan, but it might also include any accrued interest or late charges/fees that could be owed. Your payoff amount will likely be different from the principal balance shown on your monthly statement, due to the additional days of interest.

The payoff request might also include details such as your remaining payment schedule, rate of interest, the amount of interest that will be rebated due to prepayment, and the amount of money you’re saving by paying early.

Finally, the payoff request will include a “good-through” date, meaning your payoff amount will only be viable until that specified date. After that date, additional interest will be due, which will alter your payoff amount and require you to submit another payoff request.

**Prepayment Fees**

As indicated above, a payoff request is the exact sum of money needed to pay off your loan, and it’s likely that it will differ from your current loan balance, because it may include interest and fees that you owe but haven’t yet paid.

In addition, it’s important to be aware that some lenders may have penalties or fees associated with paying off your mortgage loan early. You should examine your loan agreement prior to making a payoff request to make sure you understand the terms of your loan.

**Third-Party Authorization**

In some circumstances, a borrower may wish for a third party to handle all the paperwork and negotiations pertaining to the prepayment of their existing loan and the issuance of a new loan. This is perfectly acceptable but the third party will have to make a payoff request and provide certain information to the lender, such as:

- Borrower loan number
- Last 4 digits of the borrower’s SSN
- Payoff with net escrow
- Method of delivery
- Borrower authorization

**CMS Payoff Request**

When Carrington borrowers wish to make a mortgage payoff request, we direct them to [this article](https://info.carringtonmortgage.com/information-center/payoff-requests) that has been published online to help them understand the process. It’s as simple as logging into their account and visiting the “Payoff Request” page.

We also have created a page [here](https://www.carringtonmortgage.com/payoff-statements) where a third party who is representing a borrower can submit the required information.

Generally speaking, it takes 5-7 business days for a payoff request to be processed.

## Related Articles

[![](https://info.carringtonmortgage.com/hubfs/IMAGES/imagesCHL/ThinkstockPhotos-842734934.jpeg)](https://info.carringtonmortgage.com/information-center/payoff-requests)

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If you are selling your home or refinancing, that generally means you are paying off your current loan and potentially getting a new one. However, before you do that,...

<https://info.carringtonmortgage.com/information-center/author/marketing> 

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