What happens if I don't discharge my mortgage?

If you don't discharge your mortgage you will end up paying more interest over the life of the loan. If any unforeseen event arises you may not be able to repay the home loan.When you take out a mortgage, the bank holds the title on your property until you have completely repaid your home loan. Once you have paid the mortgage in full, you will need to go through a process to have the loan discharged and the lender removed from the title of your property. This process is called mortgage discharge or mortgage release.

But one important thing to remember is that discharging a home loan does not always happen at the end of a loan term. Here are the several instances that require you to discharge your mortgage with your lender.