“Isn’t the Mortgage Balance Overstated?” One of the most common questions Sellers have at closing is why their online mortgage balance (or per their final statement) differs from the loan “pay-off” amount. If you haven’t sold a home recently, the latter is typically higher by anywhere from a few hundred dollars to a few thousand, depending on...Read More
Anyone closing on the sale of their home today may be puzzled why the pay-off amount in their HUD-1 (closing statement) exceeds their current (online) mortgage balance. The explanation? Banks assume that they won’t receive the proceeds from closing until the next business day — and therefore keep the “interest meter” running. Ordinarily, that would...Read More
