04 Aug 2022

What does a mortgage discharge mean?

Mortgage Discharge Meaning

There are three reasons you would engage in discharging a mortgage; once you have repaid your mortgage loan in full, you are refinancing your loan to a new lender, or you are repaying a loan using the sale of the property. 

Mortgage discharging is an exciting process. As soon as you are done repaying your loan, the lender discharges the official title of the property to you. Homeownership has never been sweeter! A mortgage discharge gives you, the previous borrower, the power to decide on your property since it is now paid and in your name. Other than property taxes, you won’t have to make payments on your home after the papers are discharged.

The paperwork is not yours, though until you repay the final repayment on the mortgage loan and pay the lender a discharge fee. The lender chooses the discharge fee and it should be written in your original contract. If you are unsure how much you owe after completing the form, contact your lenders for more information.

Mortgage House lenders are customer service savvy and happy to leave a great impression on interested home buyers and mortgage borrowers. We know how tough the process can be, which is why we make it as smooth and easy as possible by providing all the details.

Mortgage Discharge Meaning Conclusion

Overall, the process of discharging a mortgage gives the borrower the rights and full title to the property. It cannot be complete without a form and the discharge fee.

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