05 Aug 2022

What to do with house deeds when the mortgage paid off?

The Best Type of Mortgage

Within thirty years, a mortgage borrower will happily pay their last repayment on the loan. This process allows the borrower to be one step closer to owning the property without the help of a mortgage lender or bank. There are a few steps, though, that a mortgage borrower will need to complete once their debt is free. Once the debt is paid, the mortgage provider sends a letter of satisfaction to the county or city office. This tells the government that the loan has been completed and the property is no longer the banks or lenders.

This is not a step that requires a lot from the new homeowner. However, homeowners can start making changes like updating their home insurance since they will not agree with a lender. To discharge a mortgage, the lender will need to send out an application or form to the borrower. The borrower also needs to pay the mortgage discharge fee. 

As soon as the fee is received by the lender, they start the paperwork and the long process. It is important to wait for the official title in the borrower’s name. 

House Deeds and Paid off Mortgage Conclusion

Overall, it is an exciting process to complete the mortgage process. When you no longer have repayments for a loan, there are more opportunities open. To help with getting a loan and completing the agreements in the terms, contact one of our helpful Mortgage House lenders!

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