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What is a release fee on a loan?

A Deed Release Fee (also referred to as a mortgage completion fee, redemption administration fee or discharge fee) is an administration fee charged by mortgage lenders once a mortgage has been repaid to cover the legal costs involved with returning the title deed to you.

What does satisfaction of mortgage mean?

A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loans lien on the property and giving the title to the borrower.

Who gets the satisfaction of mortgage?

When you pay your mortgage off, its your lenders responsibility to prepare the satisfaction of mortgage, and have the involved parties sign the document and get it docHubd. The lender is also responsible for filing the documentation with the appropriate records office.

What does satisfaction of mortgage mean?

A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loans lien on the property and giving the title to the borrower.

What does it mean to release a loan?

Once all the money has been fully paid back to the lender a Loan Release Form is created and issued to the borrower relieving them from any liability from the note.

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