pay off seems to include entire line of credit although we used only one third. should we take the rest before payoff?

they will adjust the payoff... depends on what bank the line is from, it might be closed.. and the servicer/ bank may have some type of penalty, otherwords, you might not be able to refi for a certain length of time.. the best thing to do is to read your documents that you got , when you took out the line linda

The original payoff show the entire line, since that is what is getting retired. As Linda says, you will see the current amount as you review your documents prior to closing.

The lender providing the line of credit has no way of knowing whether you will draw additional funds prior to closing. You could draw the funds, or ask them to close it (cut off yoru access to additional funds) now and provide an updated payoff with the actual balance. Othewise when they receive the payoff they will send you the difference back.

What your looking at is probably the lien.. Typically, on a line of credit, the lien will be for the entire amount of your credit line regardless of what you actually borrowed. This is not to be confused with he payoff. The payoff will only be what you actually owe.. so it's likely that the amount will be adjusted once the loan closes and your old loan is paid off.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Phil offered the best option. Contac the issuer of the line of credit and havbe them 'freeze' it and send an updated payoff. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950