The payoff statement is good for a certain period of time, say 30 days, which will be specified in the statement. If you can’t make that deadline, it’s not the end of the world.

If you need a mortgage payoff quote, you typically need to call the loan servicer for the exact amount. The interest rate is also listed. The interest rate should match the loan documentation from ...

For example, if you have $300,000 ... Get a payoff statement ... Review your mortgage statement. Determine how much you owe, including any fees or penalties for missed payments.

For example, Billbruss said that, "In 1998, we took out a 6.75%, 15-year mortgage. After one refi in 2002 at 5.50%, we came into a little inheritance money and paid it off entirely in 2006.

The payoff statement is good for a certain period of time, say 30 days, which will be specified in the statement. If you can’t make that deadline, it’s not the end of the world.

If you own your home, there’s a very good chance that you have a mortgage—close to 80% of all homeowners in the U.S. have a mortgage of some sort.

A reverse mortgage allows homeowners (62 and older) who have completely paid off or paid most of their mortgage, to take out a portion of their home's equity. This would qualify as tax-free income.

Recasting your mortgage with a lump-sum payment offers about $11,000 in interest savings and lowers your payment by about $71 per month, but doesn't accelerate your payoff date.

Recasting your mortgage with a lump-sum payment offers about $11,000 in interest savings and lowers your payment by about $71 per month, but doesn't accelerate your payoff date.