04 Aug 2022

How long does a bank take to discharge a mortgage?

Bank Discharge Mortgage

When you are done repaying a loan, there is no better feeling! You suddenly have more financial freedom, which makes it easier to breathe as you make monthly and fortnightly payments. Usually, a bank can take up to three months to send you the mortgage discharge fee and discharge your mortgage. However, the process for discharging a mortgage is relatively easy and quick. 

You won’t have to stop and wait for weeks. Instead, as soon as the mortgage lender or bank receives your last repayment, you will get a letter stating that the loan is complete. The form should only take a few minutes. As soon as the mortgage lender receives the form, as well as the mortgage discharge fee for administration costs and paperwork, you should receive your title within 21 to 28 days. It usually takes mortgage lenders longer if you are going to refinance a loan and significantly longer when a partial discharge is required.

Mortgage lenders are there to help and even when you are done repaying a loan, you can contact professionals with questions. Mortgage House understands how confusing the lending process can be and tries its best to assist you. Mortgage lenders try to be quick as they can start a new loan application process.

Bank Discharge Mortgage Conclusion

To conclude, mortgage discharges do not take long. Your bank should have the information available, including certificates and titles within 1-3 weeks. The titles and deeds for your property or land will be mailed to you.

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