One of the main financial burdens that most of us find ourselves in sooner or later is the mortgage loan that we ask the bank for. In fact, it is quite common to ask for a large sum of money to pay over the next 25 or 30 years.
For many, this is the only option available to have their own home, all in order to leave the family nest or avoid renting. Obviously, depending on our savings or financial possibilities, the mortgage lasts more or less years. But surely many of you have been forced to ask for a loan of this nature lasting several decades.
That is why one of the main objectives of most mortgage holders is to finish the payment once and for all. Without a doubt, once we have paid the last installment to the bank, it is an important reason to celebrate. Not only because of the economic savings we will enjoy, but because the house we live in is finally ours entirely. Of course, we must take into consideration, something that not everyone knows, that to really finish the mortgage we must carry out a series of subsequent processes.
These steps that we are going to describe below will allow us to avoid problems with the bank in the future if we are going to sell that same property, for example. It can even save us money on paperwork if the circumstance we are talking about occurs. Below we will talk about a series of procedures that you must carry out once you have paid the last installment of the mortgage loan.
Steps to end your mortgage for good
This does not mean that, once the last installment has been paid and with the joy that this brings, we have to continue paying bills. Rather, what we must do is a series of procedures and paperwork to really finish the mortgage loan on our house, which is precisely what we will focus on now.
In these lines we are going to describe the steps to take to put an end to all of this once and for all.
- Request a certificate. Once we have paid the last installment after so many years, we must go to the corresponding bank and request a certificate of zero debt on the mortgage loan.
- Mortgage cancellation deed. This is the second document that we should request, something that will be provided to us by a notary that we must go to.
- Registering the deed of our house. This is the last procedure we are mentioning and which you can do at any Registry office.
From there we can confirm that we have finished with our mortgage and these steps will also facilitate its possible sale in the future. Otherwise, the bank with which we had the loan could charge us again for carrying out all of the above and thus be able to sell the property to third parties.
