window.mc4wp.listeners.push( The mortgage-holder can either collect the relevant documents from the lender and look after the registration of the vacated mortgage themselves or they can pay the lender's solicitor to process it. After a month or so, check with your local records office to verify that they filed the certificate of satisfaction. Once your loan is satisfied, you should receive certain documents from your mortgage... Filing official deed payoff record. Once your mortgage is completely paid off, no lender will submit property taxes for you. Some of us, like many readers of this blog, want to buck the trend and achieve financial independence a little earlier. event : evt, Our very first big comment postwas a lively debate on paying off the house vs. investing that money instead. Here’s How To Transfer Your Car Insurance And Registration, How to Withdraw Money From a Brokerage Account, var dom1 = document.querySelector('#form1783 #field1');var field1 = new LiveValidation(dom1, {validMessage: "", onlyOnBlur: false, wait: 300});field1.add(Validate.Presence, {failureMessage:"This field is required"});field1.add(Validate.Format, {pattern: /(^[A-Z0-9!#$%&'\*\+\-\/=\?\^_`\{\|\}~][A-Z0-9!#$%&'\*\+\-\/=\?\^_`\{\|\}~\.]{0,62}@(([A-Z0-9](?:[A-Z0-9\-]{0,61}[A-Z0-9])?)(\.[A-Z0-9](?:[A-Z0-9\-]{0,61}[A-Z0-9])? When you first took out your mortgage, you signed a promissory note in which you promised to pay back your loan in a set number of years and at a certain interest rate. This content is made possible by our sponsor; the views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. You've submitted your final payment, checked your balance and read those three hard-earned words: Paid in Full. However, not all of us are willing to follow the norm. Use the money that previously went on mortgage payments to build up a few months’ salary in an easy-to-access savings account. Without insurance, an accidental fall or dog bite could leave you responsible for a hefty lawsuit. There are a number of important documents you may receive in the mail, and there are a few responsibilities you'll need to take over now that no bank has a lien on your home. Make a savings plan with this extra money. You now own the property outright, but the legalities … Subscribe today. )+[a-z]{2,63}/i);}, failureMessage: "Value must not contain any URL's"});field5.add(Validate.Presence, {failureMessage:"This field is required"});field5.add(Validate.Length, {tooShortMessage:"Invalid length for field value", tooLongMessage: "Invalid length for field value", minimum: 4, maximum: 4});function handleFormSubmit(ele) { var submitButton = ele.querySelector('input[type=submit]'); var spinner = document.createElement('span'); spinner.setAttribute('class', 'loader'); submitButton.setAttribute('disabled', true); submitButton.style.cursor = 'wait'; submitButton.parentNode.appendChild(spinner); return true; }function resetSubmitButton(e){ var submitButtons = e.target.form.getElementsByClassName('submit-button'); for(var i=0;i