In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Discharge
Discharge is described as the removal of a mortgage off the title of a property, normally when the mortgage has been paid off in full, you have sold your home or it is refinanced to another lender. The lender who has given you the home loan’s name is listed on the title to the property.
There are associated discharge fees normally to cover administrative costs which are normally disclosed and outlined in the loan agreement when the loan is taken out.
To discharge a mortgage, you must notify your lender to discuss your plans to discharge. Then, complete and return the Discharge Authority form to your lender (plus the new lender if you are refinancing). The solicitor in charge will register your discharge and issue an updated Certificate of Title.
Learn MoreTypically for a discharge of a mortgage it takes between 14-21 business days, it is recommended to put in your discharge request at the same time as you put in the application for your new home loan.
Learn MoreThe lender that your mortgage is held with, will have its name listed on title certificate of your property. If you pay your home loan off in full, it is your responsibility to have the property properly discharged or they will still be listed on the title. This is relatively simple process, you can contact your lender for the discharge paperwork to fill out and once filled out send it back to them to have it removed, there will be a discharge fee, which can be $200-600 depending on lender.
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