Mortgage Payoff Procedure: These 10 Steps Make it Official

Not sure what to do after you pay off your mortgage?

There are some important hoops you have to jump through to make this momentous occasion official. After all that hard work in paying your mortgage, let’s make sure you cross all your “T’s” and dot your “I’s”. The mortgage payoff procedure can be confusing!

I went through all of these steps a couple of years ago when our family paid off our mortgage early. It was surprising to me how many steps were required to simply pay off a freakin' debt. Nevertheless, we followed the “rules” so we never had to do it again!

Here are 10 steps that I went through for our mortgage payoff procedure.

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[liammclaughlin]

The day I got a mortgage, I printed out a amortization schedule. I tracked this every month and whenever I had additional money, I put that towards the principal. Basically I had a set amount of money reserved in my checking account and used all my other money to pay off the mortgage. The rate I had at the time was 4 3/8%. I figured I was saving 4 3/8% every year since I was paying down the mortgage. Paid off a 30 year mortgage in 6 years. I didn't have a lot of spare money then - but I do now!

[dvbstbc]

Finally a mortgage pay off video that gives different info!! I appreciate this!

[thewhip]

I just hit this milestone last week! Such a relief!

[LAVISHLUXXSHOP]

Paid off my mortgage today !!! It feels so good !!!!

[Laine]

This was a huge help to me! Paying off mortgage this week! I was not given any of these points from my divorce attorney or the mortgage lender. I’m excited to get rid of this debt!

[DivineElementsDesign]

Great video. I’m actually going to the bank tomorrow to make my wire transfer for my final payment. I thought about sharing my experience on my own YT channel, but I’m not sure I’m ready for the entire world to know I’m mortgage free. I may wait a little while and see. Especially in the middle of a pandemic when so many people are struggling.

[mlandrew]

I just paid off my mortgage last week. This video was super useful for walking me through the process. Thanks!

[davidrapske]

April is the magic mortgage-free month and we'll be DEBT FREE! Hooah!

[jayk]

This is a Great and very helpful video. Thank you for making. 8 months to go til mortgage free can’t wait. 😉👍

[pwest]

Yes we will pay off the last mortgage payment and request a payoff in Dec 2020
Thank you so much for the 10 steps. I was looking all over the place to find out what i should do to payoff the mortgage. I am so looking forward to truly owning our home. For those out there, we got a 15 year mortgage and i created my personal excel mortgage calculator. That allowed me to add extra payments and see what we needed to do to pay off the house faster. we had plan to pay it off in 7 years. I got distracted and off track but once i got on we are paying off in 9 yrs 6 months.

[Kika-rntq]

My husband and I are planning to payoff the mortgage in 2 years. I like to get my information early so I don't stumble. So excited 😁 to get it paid off. No other debt either so all that extra payments will go towards traveling 😜 when I am debt free. Can't wait for that. Thank you so much for your video. I subscribed to your channel. You have a beautiful family by the way. God bless!

[gethighonlife]

MKM, guess who just made their LAST mortgage payment???!! Guess who was well informed as to what to do to close a mortgage loan after watching this video???!! Guess which video I picked for most valuable video of 2020??!! Well, I think that you can guess the correct answers to all three questions! I, I and this video are the correct answers! Well, I got a payoff statement, and I have sent the last payment(s) in. As of right now, the only thing extra the credit union is charging me is a reconveyance / release fee of $25.00 and the last interest payment in addition to the principal balance. When I called to request the payoff amount, the representative told me that I could feel free to pay her mortgage if I were to miss making mortgage payments! I will follow up on the steps that you recommend after they cash the last check(s). Thanks again for informing me about what most of my friends do not know since they have not paid off a house as of yet. Feel free to do a happy dance for me! Thanks again, buddy!

[k.f.]

Thank you so much for making this video. I have never heard, or seen any one else share the necessary steps to payoff a.mortgage debt. Thank you so much!

[isaachunt]

we paid ours off in 10 years flat. built a new house in march 2007. paid it off july 2017. both still working full time. investing hard in stocks and funds and earning a lot of money.

[blackmesaoutdoors]

This was extremely helpful! I Appreciate it! 👊🏼

[peace-a]

Thank you for this information!! I wasn't aware of 2, 6, and 10. We are hoping to pay off our mortgage in 4 and a half years. I'm saving this video for when the time comes. 👌 😎

[RockStar-kguy]

One of the best video I have seen! Very informative

[Martindaskomedia]

Thanks for sharing this! I'm a long way away still.

[salimstar]

this information 🌱 Thank you.
God bless you and your beautiful family.

[daviddoan]

Thank you for this information. This really helps when I will pay off my mortgage.