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In the next 2-3 months we will reach our goal of paying off the mortgage, but how does that work?
We have a savings account separate from our emergency fund savings account where the mortgage pay off money is being held. We have the option of transferring money from our accounts into our mortgage, but I'm very reluctant to just move over $193,500 into that account without understanding the process.
For example, our credit union specifically states that there is no penalty for paying it off early, but does that mean I'm not going to be hit with any other fee or interest rate? I don't want any "surprises".
Do I receive anything in the mail? What happens to my escrow account? Does the tax bill come directly to me? Do I need to call the county to make sure the tax bill is sent to me?
You contact your mortgage company and give them the day you will pay it off. They will calculate the exact amount you need to pay them. You EFT that amount or send them a check so it arrives the day before.
There will be a small filing fee that they will bill you for (Your Escrow) account for them to discharge the lien on the records at your county court house (Takes a few weeks).
You will receive documentation showing you have paid off the mortgage (They may Charge the FedEx/UPS overnight cost to you).
Yes, you need to let the county know to send the tax bill to you. You need to Pay it when due.
The Escrow account balance will be refunded to you 2-3 month later.
You contact your mortgage company and give them the day you will pay it off. They will calculate the exact amount you need to pay them. You EFT that amount or send them a check so it arrives the day before.
There will be a small filing fee that they will bill you for (Your Escrow) account for them to discharge the lien on the records at your county court house (Takes a few weeks).
You will receive documentation showing you have paid off the mortgage (They may Charge the FedEx/UPS overnight cost to you).
Yes, you need to let the county know to send the tax bill to you. You need to Pay it when due.
The Escrow account balance will be refunded to you 2-3 month later.
Also if your mortgage company pays your home owners Ins, you need to let them know.
If you paid PMI you might get a refund,
If you had mortgage Life Ins, that will get canceled also, there might be a refund from that also.
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