{"id":11056,"date":"2023-01-27T16:16:57","date_gmt":"2023-01-27T23:16:57","guid":{"rendered":"https:\/\/mortgagesolutions.net\/?p=11056"},"modified":"2023-01-04T16:29:13","modified_gmt":"2023-01-04T23:29:13","slug":"happens-finish-paying-home-loan","status":"publish","type":"post","link":"https:\/\/mortgagesolutions.net\/2023\/01\/27\/happens-finish-paying-home-loan\/","title":{"rendered":"What Happens When You Finish Paying Your Home Loan"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you\u2019re like most people, you probably dream about the day you get to make your final mortgage payment. At last, you\u2019ll be able to let out a sigh of relief, knowing that one of your biggest monthly expenses is coming to an end and the home you\u2019re living in is finally all yours! But have you ever thought about what actually happens once your <\/span><a href=\"https:\/\/mortgagesolutions.net\/find-a-loan\/purchase\/\"><span style=\"font-weight: 400;\">home loan<\/span><\/a><span style=\"font-weight: 400;\"> is paid off? Here\u2019s what you need to know.<\/span><!--more--><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">How Long Will It Take to Pay Off Your Mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The average mortgage term is 30 years. But whether or not it will actually take you that amount of time to pay off your loan depends on a number of factors. For one, you may choose to sell your home before your mortgage is paid off. In this case, you\u2019ll use some of the money from the sale to pay off your loan. In other cases, homeowners may choose to <\/span><a href=\"https:\/\/mortgagesolutions.net\/find-a-loan\/home-refinancing\/\"><span style=\"font-weight: 400;\">refinance<\/span><\/a><span style=\"font-weight: 400;\">, which can extend or shorten the loan term. Homeowners can also pay off their mortgage early by making additional payments on the principal balance or paying off their loan with a large lump sum.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, really, in the end, it all depends. It could take you 5 years, 10 years, 20 years, 30 years, or somewhere in between. It all depends on how you handle the situation and what you\u2019re able to afford.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">What Happens Once My Home Loan Is Paid Off?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Once your home loan is paid off, a couple of things will happen. First, you\u2019ll receive documents from your lender that confirm the loan is paid in full. This includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An official statement indicating that the loan balance is zero<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A canceled promissory note<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Updated deed of trust<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Certificate of Satisfaction<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Once you receive notice that your home loan is paid off, you\u2019ll want to cancel all automatic payments. This way, you\u2019re not sending money to your mortgage company when you don\u2019t owe them anything. You\u2019ll also want to inform your insurance company that the loan is paid off.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019ll also want to confirm that your <\/span><a href=\"https:\/\/mortgagesolutions.net\/about-us\/\"><span style=\"font-weight: 400;\">mortgage company<\/span><\/a><span style=\"font-weight: 400;\"> has sent a discharge of the mortgage letter to your county. If they haven\u2019t, you may have to bring the documents they sent you to your county clerk\u2019s office.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next, you\u2019ll want to start budgeting for <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/p\/propertytax.asp\"><span style=\"font-weight: 400;\">property taxes<\/span><\/a><span style=\"font-weight: 400;\">. Most likely, these were paid by your mortgage servicer along with your loan payments. But now that your loan is paid off, you\u2019ll have to start handling them on your own. Check to see whether your property taxes are due quarterly, semi-annually, or annually, and plan accordingly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lastly, don\u2019t forget to celebrate! This is a huge milestone and you\u2019ve worked hard to get here! Now, smile and relax, knowing that your life just got a whole lot less complicated.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Do You Have Questions About Your Home Loan?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">We\u2019re here to help! <\/span><a href=\"https:\/\/mortgagesolutions.net\/contact-us\/\"><span style=\"font-weight: 400;\">Call<\/span><\/a><span style=\"font-weight: 400;\"> today to speak to an expert at Mortgage Solutions Financial!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re like most people, you probably dream about the day you get to make your final mortgage payment. At&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/mortgagesolutions.net\/2023\/01\/27\/happens-finish-paying-home-loan\/\" title=\"Read What Happens When You Finish Paying Your Home Loan\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":7,"featured_media":11057,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Happens When You Finish Paying Your Home Loan<\/title>\n<meta name=\"description\" content=\"Wondering what happens when you finish paying off your home loan? 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