Paying off your mortgage is an exciting financial milestone. There are a few important steps to keep in mind as your mortgage matures—here is what you can expect as you plan to pay off your Credit Union 1 mortgage.
Step 1: Get Your Final Payoff Quote
Step 1: Get Your Final Payoff Quote Contact Credit Union 1 by phone, , or email to request your official payoff quote. This quote will include your remaining principal balance, daily interest through the payoff date, and the county recording cost required to release your lien. This cost is set by the county and passed through as part of the lien release process.
Step 2: Manage Escrow Accounts
An escrow account is an account that is used to pay for certain property-related expenses. If your loan has an escrow account, it will remain open until the loan is paid in full. At payoff, any surplus balance will be deducted from your payoff amount. If there is a shortage, the amount will be included in your payoff statement.
After payoff, any invoices received for property taxes and insurance will need to be paid directly by you.
Step 3: Confirm Lien Release
After your loan is paid in full, CU1 will complete the lien release with your county. A letter confirming the release will be sent to your mailing address on file or to your eStatements, if enrolled. To ensure you receive the letter, please double-check your contact information in Digital Banking. If preferred, a team member can verify contact information over the phone.
Step 5: Explore Your Options
As your mortgage comes to a close, consider turning your home’s equity into funds for your next financial milestone. A home equity loan—like a fixed-rate home equity loan (HELOAN) or a home equity line of credit (HELOC)—can help pay for home improvements, education costs, emergency expenses, debt consolidation, and more. Find out if a HELOC or HELOAN might be the right fit for you.
Contact Us
For questions or to request a payoff quote, call (800) 252-6950 or email loanservicing@creditunion1.org.
