The process of closing a mortgage can be divided into several stages:
- final payment and issue of a certificate of no debt;
- application for closing a credit account and receiving documents;
- return of the mortgage on the mortgaged object;
- removal of the encumbrance and a new certificate of ownership;
- refund of the cost of insurance.
Let's take a closer look at the main actions after repaying the mortgage.
What to do if your mortgage is paid off
Receive a certificate from the bank that the loan is closed
Let the institution’s mobile application show zeros, and the manager frowns in response to requests to issue a document.
You definitely need a certificate confirming that the bank no longer has financial claims against you. It will be useful in case of system failure, human errors and other problems. For example, it may turn out that there is an unpaid penny stuck in the system, which in a year can turn into thousands of debt due to allegedly late payments. If you have a certificate with stamps and signatures in stock for such a case, it will be much easier to resolve the issue.
Remove the encumbrance
That is, in fact, get the right to completely dispose of the apartment.
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