DEAR BENNY: I am going to pay off my 30-year mortgage at the end of this year, which is 10 years early. When I contacted the mortgage company to ask for a payoff amount, they said there would be some fees included. Someone else told that there should be no fees and to refuse to pay them. What should I expect when paying off my mortgage? Should I also get the original deed? –Jay

DEAR JAY: Permit me to explain the mortgage process. When you first obtained your mortgage (also called a deed of trust) 20 years ago, among a large number of papers involved, you signed a promissory note and a mortgage (or deed of trust). The note is the IOU — "I promise to pay the lender XXX dollars, at YYY interest rate, due in full in 30 years."

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top