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!