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What Happens After Your Mortgage Is Paid Off?

Posted onJuly 19/2017By

Fixed rate mortgages, variable rates, mortgage terms, payments schedules—these will all be things of the past when your mortgage is paid off. However, you can’t just make your final mortgage payment and forget about it entirely. There are steps to take when finishing paying off your mortgage. So, what happens after your mortgage is finally paid off? When Last Payment Is Done After you’ve made the last payment on your mortgage, you’re still not home free. No matter the type (fixed rate mortgage, variable mortgage, etc.) making the last payment doesn’t clear your debt until the appropriate paperwork is filled out. You’ll also need to pay a discharge fee to the lender to fully rid yourself of the mortgage. The discharge fee removes the legal registration of the burden from the land titles from the lender. Depending on the lender the discharge fee can vary but it’s usually in the…

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4 Tips To Plan For Your Monthly Mortgage Payment

Posted onMarch 28/2016By

An important first step upon closing the purchase of a new home is to plan for paying the monthly mortgage payments. As a new homeowner, you’ll likely encounter several financial responsibilities in the short-term, and so it’s important to begin planning for mortgage payments at the earliest opportunity. In this article, we’ll outline 4 tips for planning for your mortgage payment. Consider Setting up Recurring Payments If you haven’t done so at closing time, you might consider setting up monthly mortgage payments with your bank. There are many advantages to this approach. It will take away your responsibility in having to remember the payment each month. It will also mean you don’t have to go through the payment process every month, saving you valuable time as you juggle work and family responsibilities. Review Responses to Potential Changes to Your Income If your income is fluid and changes from time to…

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