So, you just made your final mortgage repayment or are about to. How do you prove your house is paid off? What steps do you need to take to ensure you have proof you now officially own your home?
Discharge Your Mortgage
Once you’ve paid off your mortgage in full, you’ll have to go through the entire mortgage discharge process. A discharge of mortgage means you’re removing the home loan from your property title. During your loan term, or until your mortgage is repaid, your lender holds your Certificate of Title for your property. Once you’ve repaid your mortgage completely, the mortgage discharge process allows you to remove your lender from your property title.
What are the Steps to the Mortgage Discharge Process?
The mortgage discharge process is fairly simple and has only three steps:
- Notify your lender so you can set up a time to discuss your plans. You will have to complete their Discharge Authority form accessible via their website or their online portal.
- Fill out and return the Discharge Authority Form. It may take up to 10 days for your lender to process this form.
- Register your discharge and certificate of title at the Land Titles Office. Your lender can do this on your behalf. If you do this step yourself, you need to know where the office is located in your state or territory and the fees you need to pay.
The mortgage process is complicated. At Mortgage House, we make the process simple, from the moment you apply to the moment you pay off your loan in full. We’re available to answer any questions you have along the way and make sure that you get the documents you need when your loan is paid in full.
