Do NOT Pay Off Your Mortgage Before THESE 7 Steps

Before You Pay off your Mortgage, here is what you MUST know! Congrats on nearing the end of your mortgage journey! But the road doesn't end with your last payment. There are vital steps ahead to ensure that you transition into a mortgage-free life without hiccups. Based on personal experience and learned lessons, this video provides a comprehensive guide on the seven steps you need to take when you're on the brink of being mortgage-free. We dive deep into each step, from understanding payoff statements, navigating final payments, managing escrow accounts, to celebrating your achievement. Whether you've sprinted to the finish line or completed the mortgage marathon, this guide is for you!

STUFF I RECOMMEND!*

🔍 What's Inside?

Requesting a Payoff Statement.
Deciding the Best Payment Option.
Understanding Your Escrow Account.
Preparing to Be an Actual Homeowner.
Navigating Direct Deposits for Insurance and Taxes.
Cancelling Automatic Mortgage Payments.
Celebrating with a Mortgage Release Statement.

📌 Key Takeaways:

It's not just about making the last payment; it's about understanding the post-payment process.
Keep an eye out for hidden fees, refunds, and savings opportunities.
Ensure you manage your responsibilities post-mortgage – you're now the full owner.
Celebrate your achievement – it's a big deal!
Comment down below: Once your mortgage is out of the picture, how are you planning to utilize that extra money each month?

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*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

[Red_]

1. Request a pay off statement (for your mortgage). Fee to request this!
2. Figure out your best payment option for your final payment. This is different to your regular payment. It’s a whole different process. Another fee, a wire transfer fee.
3. Check on your escrow account.
4. Prepare to be an owner. Call your home insurance company & let them know.
5. Contact your local property appraisal so you pay your taxes directly. Budget in your tax & Insurance.
6. Cancel all automatic mortgage payments. It’s a process that needs to be cxld.
7. Request your Mortgage release statement - hang it up on your wall!!

[geoffyin]

Interesting that there are property taxes to be paid in the US. Here in the UK, once you own the property, there is no ongoing tax to pay. There are however taxes to pay on purchase of the property which is a significant amount in some cases.

[sonnygsmith]

Good info especially the first two requirements👍

[rharnevious]

Hmmm will take these under consideration

[coraasuncion]

Thanks for this information it will help me a lot ill pay my mortgage off by March 2025