Paying Off Your Chase Mortgage: Strategies For Success

If you're looking to pay off your Chase mortgage, there are a few things you should know. First, you'll need to request a payoff quote, which will show you the remaining balance on your loan, including any outstanding principal, interest, and fees. You can do this by signing into your Chase account online or calling their dedicated 24-hour automated service line. Once you have your quote, you can choose to pay off your loan online or by mail. Keep in mind that you'll need to verify and update your address before completing your payoff, as Chase will mail your title or lien release to the address on your auto account statements. After your loan is paid off, you'll receive confirmation by letter and/or email within 10 days, and any remaining funds in your escrow account will be refunded to you.

Requesting a payoff quote

You can request a payoff quote by signing in to your Chase account online and sending a secure message requesting a payoff quote. You can also call the 24-hour automated service dedicated to payoff quotes at 1-877-505-2894. You can also mail or fax the "Authorization to Furnish and Release Information" form to the address listed on the form. This form can be found on the Chase website. If you have an FHA loan that originated between August 2, 1985, and January 21, 2015, Federal FHA guidelines require payoff funds to be submitted on the first day of the month. If your payoff funds are not received by the first business day of the month, an additional month's interest will be charged per Federal FHA guidelines.

Once you have received your payoff quote, you will need to verify your address and update it if necessary. This is because Chase will mail your title or lien release to the address that appears on your auto billing statements. If the title is held electronically (paperless), your state's Department of Motor Vehicle (DMV) will send the lien-free title, so you will need to confirm your address with them. Keep in mind that Florida does not generate a lien-free title when the electronic lien is released, so you will need to contact the state's DMV to request a lien-free title.

After you have paid off your mortgage, Chase will send you a confirmation letter and/or email within 10 days. They will also send a document indicating that your mortgage is paid off (called a mortgage satisfaction document) to your local county recorder's office. You can request a copy of this document from your county recorder's office after your loan is paid in full, but allow 60 to 90 days for this process.

Submitting payoff funds

Once you have received your payoff quote, you can submit your payoff funds. If you have an FHA loan that originated between August 2, 1985, and January 21, 2015, Federal FHA guidelines require that your payoff funds be submitted on the first day of the month. In this case, you must ensure that your payoff funds are received by the first business day of the month, otherwise, an additional month's interest will be charged per Federal FHA guidelines. You can submit your payoff funds by mail or online. If you choose to have it sent by mail, you should receive it within 7 to 10 days. If you don’t receive your quote within this timeframe, you can call Chase at 1-800-848-9136.

If you are refinancing your current Chase loan with a new Chase loan, your closing agent will guide you through the payoff process. If you have enough funds in your escrow account to pay off the loan, you can call 1-800-848-9136 and request to have your loan paid using these funds. You can also sign in to chase.com and send a request through the Secure Message Center. After submitting your payoff funds, you will receive a paid-in-full confirmation from Chase within 10 days by letter and/or email. You can then request a copy of the lien release from your county recorder's office after 60-90 days.

What happens after you pay off your loan

Paying off your mortgage is a significant milestone, and it's a moment to celebrate as you now own your home outright. However, there are a few things you should be aware of and some steps you need to take after paying off your loan.

Firstly, your mortgage servicer will typically send you a packet of papers, known as the mortgage release or mortgage satisfaction document. This packet attests to the fulfillment of your loan contract and the removal of the lender's lien on your house. It usually includes a declaration that your mortgage has been paid in full and your promissory note for the loan amount, marked as canceled. Your lender may also file a certificate of satisfaction with the municipal authority that maintains property deeds, officially releasing the deed on your home to you and confirming your sole ownership.

Secondly, your escrow account will be closed, and any remaining funds will be returned to you within 20 days after the account closure. You will then be responsible for directly paying your home insurance premiums and property taxes, which were previously covered by the funds in your escrow account. It is still recommended to maintain homeowners insurance even after paying off your mortgage. Contact your local authorities to ensure you receive bills for your property taxes on time.

Additionally, keep an eye on your credit report over the next few months. Ensure that your mortgage account is marked as closed and reflects a zero balance. If it remains open after a few months, contact your lender to notify the relevant credit bureaus. Closing the loan may slightly impact your credit score, but the account's positive payment history will continue to benefit your score for up to ten years.

Finally, you can now access your home equity in several ways. You can choose to sell your home and cash in your ownership stake or borrow against a part of your ownership stake through a home equity loan or a home equity line of credit (HELOC).

Cancelling automatic payments

When paying off your Chase mortgage, it is important to remember to cancel any automatic payments. This is because you do not want to continue to be charged after you have paid off your loan.

To do this, you must first log in to your Chase account. From your account, you can send a secure message or question about your mortgage. You can also upload a document or submit a request to the document centre. You can also mail it to Chase at an address that can be found on the website.

If you have an auto loan, you can sign in to your Chase account and choose your auto account. From the drop-down menu, you can choose "See a payoff quote" to see your payoff quote and address. You can then update your address if necessary and then choose "Pay off now" to make your payoff online.

If you have a mortgage, you can request a payoff quote by logging into your Chase account and requesting one, or by calling the 24-hour automated service. You can then make your payoff online or by mail.

Contacting Chase

If you have any questions or concerns about your Chase mortgage account, there are several ways to contact Chase. You can:

• Call Chase's 24-hour automated service dedicated to payoff quotes at 1-877-505-2894.
• Call 1-800-848-9136 if you don't receive your quote within 7 to 10 days.
• Call 800-447-1101 if you want to get preapproved.
• Call 866-421-5487 if you are a Chase employee interested in a home purchase or refinance.
• File complaints about your servicer with the New York State Department of Financial Services by calling their Consumer Help Unit at 1-800-342-3736 or by visiting www.dfs.ny.gov.
• Send a secure message or question about your mortgage when you sign into your Chase account. Chase will respond within 1 business day.
• Upload a document or submit a request to the document centre or mail it to the address provided by Chase.
• Contact Chase through the Secure Message Center to provide authorization for a third party to obtain information on your account.
• Download the Chase app for your iPhone or Android for a better experience.
• Visit a branch in person.

Frequently asked questions