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What To Do After Paying Off The Mortgage On Your Charlotte Home

May 24th, 2021

Are you done or this close to being done with your mortgage payment?

Housing is easily the most expensive part of a family’s monthly budget — in fact, it takes up an average of 16% of the ENTIRE budget.

That’s why it’s so exciting when you finish paying off a home!

But what next?

What happens when you DO finally pay it off?

Here’s some info!

File a Satisfaction of Mortgage Statement

After you pay off your mortgage, the mortgage lender should send you a Satisfaction of Mortgage Statement. If it hasn’t been received after a month, call them to see what’s going on. This document will need to be filed with the county clerk.

Cancel Your Payments

Make sure to cancel automatic mortgage payments so that they don’t keep coming out of your account AFTER the loan has been paid off!

Notify Insurance & Taxing Authority

Paying off your mortgage will close your escrow account. However, most homeowners are paying their insurance and property taxes through escrow. Make sure to call and update the homeowner’s insurance and property tax info so that it’s coming out of the right account.

Hope that helps!

And if you’re looking to downsize or sell your home for any reason, give us a call at (704) 461-0576 or simply fill in the short form below. We can make you a fair cash offer and close in as little as two weeks!

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Finding a place you can call home can be a very lengthy and tiring process. For me, this was an important milestone in my life and I needed someone who not only understood my goal but also has the knowledge, experience and patience to help me reach this goal. Bright was very involved in the entire process; scheduling property visits, working with the financial institution, lawyer’s office, property inspectors, all the way to negotiating the property price down, etc. Having Bright on my side as a buyer made the process smooth and enjoyable for me, and I’d strongly recommend him to anyone looking to buy or sell a property. Abdul Baba
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