I paid my loan in full. When will I receive any overage remaining on my account?
Payoff overages are issued 30 business days after the loan is paid in full.
Can I refinance my loan?
ServiSolutions does not originate loans. You will need to contact a bank or credit union in your area if you wish to refinance.
Is there a penalty to pay my loan off early?
No. However, your loan may be subject to a recapture tax.
What is recapture tax?
A recapture tax is a tax that may be owed to the IRS if you sell your home within 9 years. The amount of tax, if applicable, depends on various requirements. These requirements are part of your original closing papers. This tax does NOT apply if you are refinancing or if you have had your loan more than nine years. If you are unsure OR believe you may be subject to this tax, please consult your tax advisor. ServiSolutions does NOT calculate this tax.
How can I pay my loan off early?
If no other fees are due on your account, extra funds included with your payment are applied to the principal balance unless you indicate otherwise. As long as your current month’s payment has been made, you can mail any amount of funds for application to your principal balance. You will need to specify that those funds are for principal only.