I’m nearly clear of my mortgage, yet my lender imposes a $25 fee for a payoff statement. Is this charge typical across mortgage companies, and can it be bypassed?
Seems like a common practice, although some might waive fees if asked nicely. Have any of you had success negotiating these? It’s interesting how lender policies vary; what strategies have others used to avoid fees?
In my view, many mortgage lenders adhere to a standardized fee schedule that includes charges for payoff balance inquiries. My experience indicates that these fees are implemented to cover administrative costs, and it is unlikely that they can be entirely waived without a valid reason. It may help to contact the lender directly and request information on any alternative options or potential fee reductions based on your situation. However, reviewing the original loan documentation and any applicable state regulations is also recommended to better understand these charges.