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Before closing, should I pay off the mortgage before closing to save any closing fees?

I have a $2500 balance on my mortgage loan. Should I pay this off and clear the title before closing? If I do, will it save any escrow fees or any other fees the closing company may charge. Will it delay the closing?? 
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April 22 2013 - West Valley
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Take into consideration how soon you are closing as you could delay things, or you may be sending the payoff in and it's not recorded until after the close. You will still have to pay a reconveyence fee as you are transferring title, and I don't see that it would really benefit you. When the title company takes care of paying all the outstanding balances, you can be assured that is done to the penny, and they will completely follow the lenders payoff instructions. Good luck on your closing.
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April 22 2013
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Thank's so much for all those great answers.. I will let the closing agent do it since everyone agrees. It did seem to me to be cheaper and easier to just bring in the clear docs.... but I now see there are other considerations. With a closing on May 1, 2013, time is a huge factor..Thanks again!!
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April 23 2013
Typically you will only save how ever many days interest that you pay it off early.  I would still let the title company handle it so you know they will take care of the deed of re-conveyance and the recording of the paid off note.

Check with your title company and ask them specifically this question since each scenario is unique!

Congrats on two things:  closing & being able to pay off a mortgage in advance!

Jim
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April 23 2013
Will you receive your pay off certificate prior to your closing? I would speak to the title company and see if they can re-negotiate their fees.
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April 23 2013
Most of the charges are related to taxes and transfer tax, let the title company handle everything!
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April 23 2013
Thanks for posting your question on Zillow.com!

Short answer: no.

Congrats and good luck!
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April 23 2013
No.
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April 22 2013
 
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Before closing, should I pay off the mortgage before closing to save any closing fees?
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April 23 2013 | 7 answers
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