Paying off your mortgage? Get your quote by phone

This article is for informational purposes only and is not intended to provide, and should not be relied on for, medical, legal, financial, or tax advice. You should consult with a qualified professional for advice specific to your situation. Consumers should independently verify that any services, products, or programs referenced meet their needs and comply with applicable requirements.

Are you getting ready to pay off your mortgage? Whether you’re selling your home and moving into a new one or just looking to pay off your mortgage early, it’s an exciting time.

If we have the privilege of having you as a client, you’ll need a Rocket Mortgage payoff quote. A payoff quote provides the amount of money needed to fully satisfy your loan obligation. Let’s discuss how the payoff process works and what to expect.

Key takeaways:

• A payoff quote provides the amount needed to completely pay off your loan by the date listed.
• You can quickly request your quote over the phone by providing your Rocket Mortgage loan number, Social Security number, and phone number.
• After your loan is paid in full, your escrow account will close, and any excess funds will be sent to you as an escrow refund.

How to get your payoff quote

By having some basic information and giving us a call, we’re able to fulfill your Rocket Mortgage payoff request, having it available for your review within an hour.

1. Gather what we’ll need from you

Rocket Mortgage takes privacy protections very seriously. There are ways that we ensure we’re working with the right person. Whether you’re getting the payoff quote yourself or being assisted by a third party, you’ll need the following information:

• Your Social Security number
• Phone number on file with Rocket Mortgage or your lender
• Your Rocket Mortgage loan number or loan number with your lender

2. Give us a call: (800) 4-ROCKET

Once you have the information above, you can give Rocket Mortgage a call at (800) 4-ROCKET and have your payoff quote generated on the same day. Simply respond to the interactive prompts with your voice or by pressing the keys on your touchtone phone.

Other lenders will have their own contact information, which you can find through your previous communications with them.

3. Preview your payoff quote

Once we’ve identified your information, you’ll be able to preview your payoff. You’ll also be given the option to generate a payoff quote and understand how long the quote is good for; you have until this date to pay off your loan in full.

If you don’t make the payoff by the time the quote expires, you can call in and go through the process again to generate a new quote.

If you have a fax number, you can have your payoff quote faxed to you. It will also be automatically posted in your Rocket Account’s Documents section.

When reviewing your quote, it will include several important details. Here is a breakdown of what you'll see:

• Date of the quote: The day your payoff document was generated
• Good through date: The firm deadline you must pay your loan in full by for the quoted amount
• Accrued interest: The mortgage interest that has accumulated on your balance since your last monthly payment
• Any fees owed: This includes outstanding late charges or other account-related fees
• Escrow advances or credits: Any current shortages or overages related to your property tax and homeowners insurance payments
• Prepayment penalties: Sometimes lenders charge prepayment fees or a prepayment penalty for paying off a loan early

Other lenders may include additional or different information in their payoff quotes.

How do I send funds for a payoff?

Rocket Mortgage accepts only certified funds for loan payoffs:

• Wire transfers
• Cashier’s checks
• Certified checks

Your bank can help you with sending certified funds. Information on where to send your certified funds is included in your payoff quote. Please include your name, loan number, and property address on your payment.

If there’s a shortage, Rocket Mortgage will contact the sender. If we can’t get in touch or if the remaining funds haven’t been collected within 2 business days of the initial payoff receipt, the original funds will be returned to the sender with nothing paid off.

If this is the case, it’s important to continue making your payments on time so your loan can be paid off in accordance with your initial amortization schedule.

If your loan is with another lender, be sure to confirm with them how they want to receive funds for loan payoffs and how they will confirm that they’ve received them.

What to expect after paying off your mortgage

If you have autopay through your Rocket Account, this is canceled upon payoff. If automatic payments are set up through your bank, you’ll have to cancel these through the bank itself. Other lenders may have different procedures. Be sure to check with your lender if you have questions.

Any excess funds from your payoff are paid back via check within 20 days of your payoff. Lien releases take place within a month or two.

Your credit score may dip slightly because closing a long-term account can lower the average age of your credit. But your score should bounce back if you maintain good habits like on-time payments. The temporary drop should pale in comparison to the benefits of not having a mortgage payment.

FAQ

If you have a few more questions about navigating the payoff process, we've got answers.

If I have a payoff quote, do I still need to make my payments?

Yes. You’re responsible for any payments you owe before you submit your payoff funds. Having the payoff quote doesn’t end your obligation to make your payments on time.

Once my loan is paid off, does my escrow account continue to satisfy my tax and insurance payments?

No. Once your loan is paid off, your escrow account is closed. You’ll need to budget on your own to make your property tax and homeowners insurance payments moving forward.

What happens to excess escrow funds?

If you have an escrow account, you’ll receive an escrow refund within 20 business days after payoff funds are received.

If I’m moving, should I provide my new address to Rocket Mortgage?

Yes, please provide your new address to Rocket Mortgage so we can send your 1098 Mortgage Interest Statements to you early the following year for tax purposes.

I’m a REALTOR^®. Do I need my client’s signed authorization for a payoff quote?

Yes, you need signed authorization to act as your client’s representative. You’ll also be asked to provide the same information a client would when they call in to get a payoff quote.

The bottom line: Call us to get your payoff quote

Paying off your mortgage is a massive achievement, and we want to thank you for trusting us with your home financing journey. Achieving full payoff takes dedication and discipline, and you should be proud of the accomplishment. All that's left is to give us a call to get your official payoff quote.

Other lenders may have different requirements or procedures. Check with your lender if you have questions.

If you’re buying a new home or want to explore refinancing another property, you can apply online with Rocket Mortgage to get preapproved today!

This article is for informational purposes only and is not intended to provide financial, investment, or tax advice. You should consult a qualified financial or tax professional before making decisions regarding your retirement funds or mortgage.

Rocket Mortgage is a trademark or service mark of Rocket Mortgage LLC or its affiliates.