Getting your paperwork ready for a VA cash-out refinance
The payoff statement
Prep note
A payoff statement is the exact amount needed to pay off your current loan on a given date, including interest to that date. Your lender orders it from your servicer. It decides how much of the new loan goes to the old one, so check that it matches your records.
Last reviewed against the primary sources listed below.
Check these
- Principal balance.
- Interest through the payoff date.
- Any fees listed.
Prep questions
Who orders the payoff statement?
Your lender requests it from your servicer.
Why does the payoff amount change?
Interest accrues daily until the loan is paid.