Payoff statement

Payoff statement – this legal phrase is used in Law of Contracts, where details a precise statement, showing the amount of the obtained loan, the details of the individual installments, dates of payment, the interests, taxes, etc. Its role is to help the borrower understand the burden of the loan and to schedule the repayment. Payoff statements are mostly used when obtaining a mortgage loan. A synonym is “letter on demand” (n).

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