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What does it mean to discharge your mortgage? A mortgage discharge is when a mortgage securing your home loan is removed from the title of your property once you have repaid your home loan in full.
As soon as the mortgage lender receives the form, as well as the mortgage discharge fee for administration costs and paperwork, you should receive your title within 21 to 28 days. It usually takes mortgage lenders longer if you are going to refinance a loan and docHubly longer when a partial discharge is required.
With a release, your creditor confirms that all the sums due have been paid. The document certifies that the property is mortgage-free. The discharge releases only part of the property or only one of the individuals responsible for the mortgage payments.
In the absence of a discharge, the creditor of the former owner still has a lien on the property. In the case of an outstanding mortgage, the creditor has the legal right to post an exercise notice against the residence for the purpose of repossessing the property for the payment of the debt.
When your mortgage is paid off you need to clear the title of the property by discharging the mortgage. This done by recording a document at the Registry of Deeds usually called either a Discharge of Mortgage or a Satisfaction of Mortgage.
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People also ask

What is a Mortgage Discharge Fee? A mortgage discharge fee is a fee charged by the lender when you pay off your mortgage loan. This fee covers the costs of processing and closing out the loan, including any administrative costs associated with it. Its also known as an exit or termination fee.
There are various reasons for requesting a discharge, these include selling, refinancing, loan repaid, and substitution of a security or releasing a guarantor. A discharge authority form is used to release the security (e.g. property or cash security) youve provided for a home loan.
A mortgage discharge is when a mortgage securing your home loan is removed from the title of your property once you have repaid your home loan in full. Youll need to complete a mortgage discharge or release form to release the mortgage over the property you have provided as security to your home loan.

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