I don't have a penalty clause for early payoff?
2006-11-15 04:30:00 · 7 answers · asked by barbariano298 1 in Business & Finance ➔ Personal Finance
hard to know...you'd have to ask the bank. Sounds like it may be accrued interest to the day of the month you are making the payoff and some sort of administrative fee--maybe title transfer fee?
2006-11-15 04:33:38 · answer #1 · answered by Emily B 4 · 0⤊ 0⤋
They should send a payoff statement either to you, the title company or your Realtor. I'm not certain exactly what the $186.45, but I would guess it's prorated interest. When you make any amortized payment (mortgage or car), at the beginning of the month, you are paying interest in arrears (the previous month) and principal in advance. The $32 release is the fee the county charges to record that your mortgage was paid and released. Hope this helps.
2006-11-15 04:49:27 · answer #2 · answered by sweetsum691 5 · 0⤊ 0⤋
I'm going to give you an educated guess. The 50,515.03 is the current PRINCIPAL balance. The 186.45 is probably the interest that has accrued since your last payment was posted. The 32.00 is the recording fee for the release of the mortgage, because they don't want to mail it to you and have you lose it and later claim they never gave you one.
2006-11-15 04:33:48 · answer #3 · answered by open4one 7 · 0⤊ 0⤋
You have a principal balance of 50,515.03
You probably have interest of 186.45 that accumulates between your last payment and the pay off date-- its basically a portion of the interest you'd pay on your next payment
The release is a 'fee' that the company charges because they have to record that you dont owe any more money with the county so the lien is removed.
2006-11-15 04:56:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It's just the interest from the first day of the month until you pay it off. For instance if you are paying off on the 15th they will charge you for 15 days of interest on the 50,515.00. The 32.00 is to release the lien they filed to secure the loan. It's all very standard procedure.
2006-11-15 04:34:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
merely positioned - you owe the activity for using the money as much as the minute you paid it off. it is a residual fee. meaning the activity accumulated precise as much as October twenty third. merely on account which you paid it off on October twenty third does not recommend the activity owed from till now's forgiven. There ought to be not extra activity charged on a on a daily basis foundation AFTER October twenty third.
2016-12-14 07:44:08 · answer #6 · answered by zell 4 · 0⤊ 0⤋
More than likely it's a couple of things. One is interest to date or fees for preparing documents and releasing you from your lien.
2006-11-15 04:32:38 · answer #7 · answered by Bean counter 3 · 0⤊ 0⤋