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  3. Mortgage payoff

Exam term

Mortgage payoff

The amount needed to satisfy the seller's existing loan, which reduces seller proceeds and is unrelated to the buyer's new loan.

Lessons that use this term

  • Settlement math: prorations, debits and credits, net to seller, cost to buyer, and closing fees Texas

Exam prep

  • Insurance
  • Real Estate
  • SAFE MLO
  • SIE

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