Location: Texas
Submitted 09/02/11 10:23 AM

Q. I am going to pay off the mortgage on my house. What should I be aware of when I request the total pay-off figure from the mortgage company? Also what happens to the escro account money?

 

Answer #1
Submitted 05/24/12 12:30 PM
Lawale Adewoyin (1st Crown Mortgage & Finance Co, Inc): Mortgage in Grand Prairie, TX Lawale Adewoyin (1st Crown Mortgage & Finance Co, Inc)
Mortgage
Grand Prairie, TX

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A.

They will include accrued interest up to the payoff date. You will be refunded the balance of your escrow money. I hope that hels. Sorry it took so long, I have not been on activerain as often as I should.

Answer #2
Submitted 05/24/12 01:01 PM
Robert Marshall (Keller William Reatly Brazos Valley): Agent in College Station, TX Robert Marshall (Keller William Reatly Brazos Valley)
Agent
College Station, TX

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A.

With interest rates a low as they are you might want to reconsider and invest the payoff funds well.  You are likely to make more return on your capital with quality investments than you interest on a home is costing right now.  You might also consider refinancing at a lower rate if you are paying significantly more than the current rate.
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