Discharge Statement

Once you are ready to pay off your mortgage in full (yay!) a discharge statement will be provided by your Lender.  This statement details the amount required to pay off a mortgage as well as any terms and conditions that must be met before the lender will release the Borrower (and any Guarantors) from their obligations under the mortgage agreement and release the lender’s claim on the borrower’s property. Once the remaining amount has been paid off and all of the conditions have been met, the Lender will discharge the mortgage from title to the property of the Borrower.