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 The Mortgage Dictionary is available to assist you with terms you may be unfamiliar with in the mortgage industry. We have provided the most commonly used terms. If you need assistance with a term or any other questions, please contact a loan officer or please send us an email and we'll be happy to assist.

Payoff

The complete repayment of loan principal, interest, and any other sums due; payoff occurs either over the full term of the loan or through prepayments.
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