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Payoffs & Payoff Statements

Ready to sell or refinance? Here’s how payoff statements work, where to request one, what to expect for timing, and how payoffs interact with draws and servicing.

When you’re preparing to sell a property or refinance your loan, you’ll need a payoff statement. This document provides the official amount required to fully pay off your loan as of a specific date and includes instructions for completing payoff through closing.

We aim to make payoffs simple, predictable, and fast, while ensuring everything is accurate for your settlement agent, title company, or closing attorney.

What is a payoff statement?

A payoff statement is an official quote of the total amount needed to pay your loan in full as of a specific payoff date. It typically includes:

  • Principal balance

  • Accrued interest through the payoff date

  • Any applicable fees/costs required by your loan or servicing

  • Wiring/closing instructions for remitting payoff funds

  • The payoff “good through” window (how long the quote is valid)

How to request a payoff statement

You can request a payoff online here: Borrower Payoff Request. Your title agent or other third party representative is able to request the statement here: Third Party Payoff Request. 

Timing: when should I request a payoff?

We recommend requesting a payoff at least one week prior to your intended payoff date.
This helps ensure there’s enough time for processing and for your title/settlement team to finalize closing figures without last-minute surprises.

How long is a payoff statement valid?

Payoff statements are typically good for 30 days, unless one of the following occurs:

  • A payment is made after the payoff is issued (which can change the payoff amount), or

  • The payoff is cancelled/marked invalid, including if a construction draw is taken while the payoff is open (see below) or if the loan enters payment or maturity default.

If anything changes, including closing date, payments, or draw timing, just request an updated payoff and we’ll refresh it.

Important: payoffs and construction draws

If your loan includes construction/rehab draws, keep this in mind:

  • We cannot initiate a draw request if there is an open payoff statement.

  • If a draw is taken while a payoff statement is open, the payoff statement may be cancelled/marked invalid and will need to be re-issued.

Best practice: If you need both a draw and a payoff in the same window, order the draw and immediately contact your Upright Lending team so we can help sequence the steps and minimize delays.

What happens after a payoff statement is issued?

Once a payoff statement is issued:

  • Your title/settlement team uses it to finalize closing figures

  • Payoff funds are sent per the payoff instructions

  • Once funds are received and applied, the loan is marked paid in full and moves through final servicing steps, including the release of our lien against the property.

What if my closing date changes?

Closing dates shift all the time. If the payoff date changes:

  • Notify your team (or submit an updated request through Upright or FCI) as soon as your closing date has been finalized

  • We’ll refresh the payoff statement so your settlement figures remain accurate

Need help?

If you’re not sure what payoff date to use, who to list as the settlement contact, or how a payoff interacts with draws or extensions, contact your dedicated Upright Lending team. We’ll help you choose the fastest, cleanest path to closing.