Posted on: 06th May, 2013 02:22 am
Just few months are left for me to pay off my mortgage in full. Once I pay off the mortgage, will I own the property free and clear?
Hi Tuti,
Yes, once you pay off the mortgage in full, you will own the property free and clear. However, you will be liable for paying the property taxes and maintenance of the property.
Take care
Yes, once you pay off the mortgage in full, you will own the property free and clear. However, you will be liable for paying the property taxes and maintenance of the property.
Take care
Yep, free and clear. It's really important to confirm your homeowners insurance policy fully protects you in the event of a major disaster, like a fire. You'll own 100% interest in that property, and want to protect it to the best of your ability.
Hi Tuti!
Welcome to the forums!
Once you pay off the mortgage in full, you should get a lien release certificate from the lender. This needs to be recorded at the county recorder's office. Once you do so, you own the property free and clear.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Once you pay off the mortgage in full, you should get a lien release certificate from the lender. This needs to be recorded at the county recorder's office. Once you do so, you own the property free and clear.
Feel free to ask if you've further queries.
Sussane