Looking to pay off your Main Street Bank loan? Here’s what you need to know.
What’s the Difference Between a Payoff and a Pay Down?
Payoff
A payoff means you want to close your loan completely by paying the remaining balance in full.
Pay Down
A pay down means you want to reduce your balance to $0 while keeping the loan open. This is common with lines of credit and other revolving loans.
How to Request a Loan Payoff Quote
To receive an official payoff amount, please submit your request in writing.
Option 1: Message Us
Send a message to Loan Ops Support and include:
- Your name
- Loan number
- Property address (for mortgage loans)
- Desired payoff date
Option 2: Mail or Deliver a Signed Letter
Include the same information listed above and send it to:
Main Street Bank
Attn: Loan Operations
PO Box 19
Marlborough, MA 01752
You may also drop off your signed request at any Main Street Bank branch.
What to Expect
Processing Time
Please allow up to 48 hours to receive your payoff quote.
Selling Your Home?
If you’re selling a property secured by a Main Street Bank mortgage, please note this in your payoff request.
Keep Your Contact Information Current
We may need to verify your identity before providing your payoff quote. If your contact information needs updating, you can:
Why Is My Payoff Amount Different Than My Loan Balance?
Your payoff amount may be different from the principal balance shown on your loan because it can include:
- Interest that has accrued since your last payment
- Outstanding late fees
- A discharge fee
- Escrow adjustments (for mortgage loans)
Note: If your mortgage escrow account has a positive balance, those funds may reduce the total amount owed.
Need Help?
If you have questions about your loan payoff request, please contact your local Main Street Bank branch for assistance.