Paying off entire mortgage, don’t want to mess it up

[soldier4jesus89]

@asjasj123 I think there usually is, yes.

 

[bmsmith5107]

@asjasj123 There always is since the documents they have to file to remove the mortgage from your property register incur a fee. They aren’t eating that. Your mortgage disclosure has the fee listed.

 

[_h_]

@asjasj123 It’s often minimal. Like $500 or less

 

[111debi]

@rhandi This guy adults

 

[yodamama]

@rhandi And I assume you also paid a lawyer to discharge the lien? Is there a lien on your house still?

 

[dorisneal]

@rhandi I don't think so. Did you gat a notice of final statement and ownership. Did you get Notarized documents from the bank or through your own Notary Public ( Quebec ) stating you were now the owner ( along with the deeds - property tittles) If not, get them. When we paid off our house, decades ago in Quebec, we received all these...

 

[mrjobosco]

@randar Just talk to the bank that holds the mortgage currently. They will guide you through the process.

 

[gordiehowe]

@mrjobosco This. Call your mortgage lender and they will tell you exactly what you need to do and what you can expect. Don't wait for the last minute though.

 

[mornevh]

@randar Ensure you pay on the right date and don’t expect any congrats- it was very anti climactic

But congrats!!

 

[ckmn101]

@mornevh I can totally understand no congrats from the lenders. They'd prefer if you were indebted to them longer while still making payments. You don't make a ton of money from responsibly financially savvy people.

 

[barbswalk]

@randar

and like many others I’ve decided it’s preferable to pay it off entirely instead of renewing at the current interest rates.

"Many others." This sub is fantastic sometimes.

 

[dawnbirduk]

@barbswalk To be fair many others are paying it down or off compared to normal at their renewals. A lot of people right now aren’t betting on the market beating 6%

 

[are9are9s]

@dawnbirduk 6% after tax is tough to beat.