Posted by LKT/CA on 2/17/12 9:58pm
Msg #412146

Balance vs. Payoff

Why the mortgage payoff amount is higher than the balance.

http://themortgageinsider.net/mortgages-refinancing/mortgage-payoff.html

Reply by GOLDGIRL/CA on 2/17/12 11:52pm
Msg #412155

Thanks for linking. Verrrry informative. n/m

Reply by ReneeK_MI on 2/18/12 5:10am
Msg #412158

Excellent, thank you Lisa!

I do hope those who don't understand how the payoff is calculated will read that.

I hope in reading it, it will become clear that answering this common-enough question for a borrower - explaining how the payoff is calculated - has nothing to do with practicing LAW. It's a fairly simple accounting procedure - it's MATH.

There is a reason XYZ would rather hand out duct-tape - that way, there's only one word they need to teach you ("No"). It's a heck of a lot quicker and easier just to teach that instead of all the things you probably learn right here on NR.

For free.

Reply by HisHughness on 2/18/12 8:12am
Msg #412162

Great to know. A tip of the sombrero to you, Lisa. n/m

Reply by Richard Ingram on 2/18/12 11:23am
Msg #412202

Lisa,
Thanks for the good info. I am bookmarking "The Mortgage Insider" as I have spent the last 1/2 hour looking over their good information.

Reply by Yowheelz on 2/19/12 3:18pm
Msg #412324

I'm going to print and carry with me along with

the explanation of APR and Aggragate Analysis. You know those things the gov't thinks makes it clearer to the bo but only confuses them.