What documents should you keep after paying off your mortgage?

After paying off your mortgage, you need to indefinitely keep a few key documents that prove you own your home free and clear of the loan.

Should I keep old mortgage documents after paying off?

It's best to keep the most recent mortgage documents for at least three to seven years, even after the home is sold. If you received a certificate of satisfaction for paying off a mortgage, then this document should be kept as well. These documents may become necessary in the case of an IRS audit or estate settlement.

What documents do I get after paying off my mortgage?

After paying off your mortgage, you'll get key documents like a Lien Release, Satisfaction of Mortgage, or Deed of Reconveyance, plus a Paid-in-Full Statement and your Canceled Promissory Note, proving the loan is gone and the lender no longer has a claim on your home; you'll then need to get these recorded with your county recorder's office to update public records and handle your insurance/taxes directly. 

Do I need to do anything after paying off my mortgage?

You will need to pay the payoff amount which will include interest, remaining principal, government fees like lien release and county recording fees. That's not ``knowing Wells Fargo'' that's literally every single lender in the country.

What document is recorded when a mortgage is paid off?

A reconveyance deed, also known as a Deed of Reconveyance, is a legal document that says you've paid off your mortgage completely. It removes the lender's claim to your property and shows that you are now the full owner.

Why Paying Off Your House Later Is A HUGE Risk

Who do I need to notify when I pay off my mortgage?

Taxes and Insurance

Since you'll be responsible for making future taxes or insurance payments, it's important to notify the appropriate tax office and your insurance company to let them know your loan is paid in full and find out how to submit future payments.

Do you get a copy of the deed when you pay off a mortgage?

While many people believe that you receive your deed once your mortgage is paid off, you actually should have received your deed at the time you closed on your home or property. When you have paid off your mortgage, your lender will send us a document called a Certificate of Satisfaction to be recorded.

What should I do when I've paid off my mortgage?

Contact insurance providers: You should contact any insurance providers, whether you have buildings or contents insurance, to let them know you've paid off your mortgage and to remove the lender. Buildings insurance: This is mandatory when you have a mortgage, but no longer once you've paid it off.

How do I get my title after paying off my mortgage?

Getting a reconveyance deed created and finalized requires multiple steps:

1. Borrower makes the final mortgage payment. First, you'll finish paying off your mortgage. ...
2. Lender creates the deed of reconveyance. ...
3. Borrower receives and reviews the reconveyance deed. ...
4. Borrower submits the deed.

What is the 3 7 3 rule in mortgage?

What is the 3-7-3 Rule? Within 3 business days of your completed loan application, your lender must provide initial disclosures. This includes the Loan Estimate (LE), which outlines your estimated loan terms, interest rate, closing costs, and monthly payment breakdown.

How do I prove I paid off my mortgage?

To prove your mortgage is paid off, get official documents like the Satisfaction of Mortgage or Deed of Reconveyance from your lender, have the lien officially released and recorded with your county recorder, and check your credit report for an "account closed" status. The lender should send these documents, but if they don't, contact their release department to get them and ensure they're recorded to clear your property title. 

Do I need to keep my house closing documents?

Consider keeping until you sell your home

Closing documents — retain a copy of any document signed during your home's closing as a backup. It may be beneficial to keep this collection of forms for several years after you eventually sell the home.

What documents should I receive after paying off my mortgage?

After paying off your mortgage, you'll get key documents like a Lien Release, Satisfaction of Mortgage, or Deed of Reconveyance, plus a Paid-in-Full Statement and your Canceled Promissory Note, proving the loan is gone and the lender no longer has a claim on your home; you'll then need to get these recorded with your county recorder's office to update public records and handle your insurance/taxes directly. 

Do I need to keep 7 years of bank statements?

Yes, you generally need to keep bank statements related to your taxes for 7 years, as this is the IRS's recommended period for audits, though you can shred non-tax-related monthly statements after reconciling them, keeping those supporting deductions or claims (like business expenses, mortgage interest, or investments) for that full seven years to prove income/expenses if audited. 

What is the 2 rule for mortgage payoff?

The 2% rule for a mortgage payoff involves refinancing your mortgage. Refinancing is when you take out a new loan to pay off your existing loan—ideally at a lower interest rate. The 2% rule states that you should aim for a new refinanced rate that is 2% lower than your current rate on the existing mortgage.

Do I need to do anything after I pay off my mortgage?

Although your mortgage is paid off, you're still required to pay property taxes. This expense might've been previously covered by your mortgage escrow account, but once the mortgage is paid, it becomes your responsibility to budget for and manage.

Who keeps the original deed to a house?

When a home is owned free-and-clear, the homeowner is the rightful owner and thus holds the deed to the house. However, if the homeowner is still paying a mortgage, then they technically do not fully own the house yet. In this case, the deed may be held by the mortgage lender.

What is the best proof of ownership of property?

14 Ways to Prove Real Estate Property Ownership

• Grant Deed.
• Quitclaim Deed.
• Bill of Sale.
• County Public Records.
• Deed of Trust.
• A Mortgage Note.
• A Satisfaction of Mortgage Letter.
• Proving Ownership after Losing a Property Deed.

How do I get my title deed after I pay off my mortgage?

You must obtain the property deed through your county.

If you need a copy of your property deed, we advise you to contact the county your mortgage is recorded in or check their website for instructions on how to request one.

Who do I notify when my mortgage is paid off?

If your servicer was handling property tax and insurance payments for you, they are now fully your responsibility. Contact your homeowner's insurance company and let them know that you've paid off the mortgage and that bills should be sent directly to you.

What happens when you pay off your mortgage in full?

When you pay off your mortgage, the lender releases its lien, you get legal proof of ownership (like a deed of reconveyance), and your monthly payment disappears, freeing up significant cash flow, but you must now directly pay property taxes and homeowners insurance, often budgeting for these larger, less frequent bills yourself. You'll need to collect official documents, cancel autopay, manage your new tax/insurance payments, and monitor your credit report to ensure the loan is marked as satisfied.
 

How do I prove my house is paid off?

To prove your house is paid off, you need official documents like a Mortgage Satisfaction Letter, Release of Lien, or Deed of Reconveyance, which your lender sends after payoff, confirming the mortgage lien is removed, and you should verify these are recorded with your county's land records office. You'll also want your final loan statement and canceled promissory note, all kept with your deed as proof of clear title for future sales or refinancing. 

How to prove you have paid off your mortgage?

You instruct your solicitor to prepare an application to discharge the standard security. Your solicitor sends the discharge to your lender for signing. Your lender signs the discharge, confirming that you've paid your mortgage in full, and returns it to your solicitor.

Who sends out the mortgage deed?

During this part of the process, the buyer's solicitor will draw their attention to any problems before an exchange of contracts. The buyer's solicitor will usually also send the mortgage deed to the buyer for signature at this time.