It is a good idea to set aside savings accounts for each of these ongoing expenses. Managing the Ongoing Expenses of Your HomeĮven though your mortgage is paid off, that doesn’t mean that you no longer have any house expenses.
Celebrate this milestone: This is a momentous occasion, so take the time to celebrate it with your significant other, family and friends.They may require a copy of your mortgage documents to verify that this is true. Notify your insurance company: Contact your insurance company to let them know that your mortgage has been paid off.
#Quicken loans payoff request update
If they have not within 90 days, bring your mortgage documents to the clerk to update their records.
Send discharge of mortgage letter to your county: Your mortgage company should send all of the required documents to your county clerk’s office notifying them that your home is no longer bound by a mortgage. With your mortgage paid off, you do not have to send the mortgage company any more money. Stop automatic payments to your mortgage company: Ensure that any automatic payments you’ve established have been canceled. These documents prove that your mortgage is paid off. Receive mortgage documents: The mortgage company will send you a canceled promissory note, updated deed of trust and certificate of satisfaction. Once your final payment is made, there are certain actions that the mortgage company and you should make to formalize this milestone. What Happens When You Pay off Your Mortgage? Request an escrow account refund and set that money aside to pay those bills when they come due. Since most mortgages have property taxes and homeowners insurance premiums included in the monthly payment, there will be an amount leftover when your mortgage is paid off. Any excess amount that you pay will be refunded. This amount includes accrued interest through a certain date. Pay the amount due by the due date or expiration of the payoff statement to eliminate your mortgage. The mortgage company will send you a letter with a payoff amount through a specific date. Contact your lender online or over the phone to request a payoff statement. Keep in mind that because of accrued interest, the balance on your mortgage statement isn’t the payoff amount. When you’re ready to pay off your mortgage, follow these steps to accomplish your goal.
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