What Happens After You Finish Paying Your Mortgage?

If you are close to, or have finished paying off your mortgage, CONGRATULATIONS! Seriously, there is not an overwhelming abundance of homeowners that are able to say they are 100% mortgage free, or even close to it.

If you really think about it, that fact makes sense. If you buy a house in your late 20’s, with a 30-year mortgage you are looking at being mortgage free in your late 50’s. However, most Americans move at least once and generally to a larger home that dwarfs their “starter home” and then some. If you buy a second home in your thirties, with a 30-year mortgage, you are looking at paying a mortgage well into your 60’s! Those numbers seem alarming, but it puts your accomplishment into perspective.

So again, congratulations!

Now though, you might be wondering what happens once that mortgage is paid off. What documents should you receive? Does anything change besides the fact that you have an extra grand or two in your pocket each month?

The answer to that question is yes, things do change, and you should get some updated documents!

So What Happens Now?

Now that you are mortgage free, you should check some things. First, the account that you have with your lender should show that your balance is zero dollars. You may get this in the form of a letter from your lender, or simply receive a monthly statement with a zero balance. There are also other documents that should be sent to you from your lender.

All in all, you should receive the original note that you signed, as well as the original mortgage, release document and final statement from the lender showing your loan paid in full.

What Happens If I Do Not Get These Documents or Cannot Find Them?

These documents are very important to have, especially if it comes time to sell your house for some reason. The documents showing that your mortgage is paid in full and that you are the sole owner of the house and property are essential.  If you did not receive these documents, or cannot locate them, you may want to think seriously about tracking them down and securing them.

Certified Field Agent Can Help You Track Down These Essential Documents

We understand that it is a complicated process to track down these documents and that you might not even know where to begin. However, if you are planning to sell your house in the future, it is essential to have them in hand. If you are not sure where to begin looking or who to contact, Certified Field Agent can help.

We have a network of Certified Field Agents with various security clearances that are able to handle your requests in a professional, efficient and timely manner. If you are interested in learning how Certified Field Agent can help you out, give us a call at 714-632-3480!