What is a Loan Payoff Letter?
A loan payoff letter is a document you can acquire at any stage of a loan, whether you’ve yet to make your first payment or just finished making your last. It includes all of the information you need related to how much you owe to your lender and the options you have for paying off your debt. There are payoff letters for practically every kind of loan — mortgages, student loans and auto loans, to name a few — and there are several reasons you might need one.