I called my bank today and asked them about the methods for paying off a mortgage. My mortgage holder and my bank are the same so you would think it would be easy to do. The special recording set up for requesting payoff quotes said that I have to send a cashier's check and the payoff quote to a certain address. I called back and pressed "0" to talk to a human. I asked the Service Rep. if I could just pay down my mortgage and then let the automatic payment that is scheduled for June 1st, pay off the rest of it and then it would be done. He said that it would take much longer that way because the computer wouldn't be able to close the loan. The computer would have to recognise that no more payments were needed (probably when it tried to do the July payment) and then it would trigger the loan closing department (located at the special address where I have to send the payoff quote) to close the loan.
The Rep. recommended that I go to a bank branch and have them transfer the funds from my bank account and then (I am assuming) fax the payoff quote. That sounds better than mailing it because I was worried that it wouldn't get there in time and the automated payment would take another $800 out of my account for June and I really don't want to loan the bank $800.
Only 6 more days until payday and rent day!