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08 Sep 2021

What is the Mortgage Discharge Process?

What is a bad credit loan?

When you enter the mortgage discharge phase, it means that you successfully paid your home loan in full or refinance to another lender.

Here we outline the steps involved in mortgage discharge.

First, notify your lender. Keep in mind that a lender wants to retain you as a client. You can discharge your mortgage, but it’s not required. For example, you can roll the outstanding mortgage into a more suitable home loan especially if the home loan interest rates are favourable.

Next, fill out the discharge form. Expect the lender to process the form for 10 days. Their team completes due diligence on their end too.

If the discharge request receives approval, you will receive a new title without the lender’s information. Some lenders handle this step. Others do not. Thus, it’s important to follow up.

Since the discharge process entails administrative tasks, expect to pay some fees. The fees vary according to the property’s address. Every territory has its own costs. 

After completing the process, make copies of the paperwork and store them in safe places.  If you plan to sell your home, you’ll need the new title and mortgage discharge documentation. Staying organised helps you avoid delays.

Mortgage Discharge Conclusion

If you’re ready for a mortgage discharge, contact our Mortgage House loan specialists. A specialist walks you through the process. If you want to leverage your home’s equity, we offer several financial products. 

 

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