The legal process of removing the mortgage charge from your property's title after the loan is fully repaid. Your lender files a discharge statement with the land registry, confirming the debt has been satisfied. In Ontario, lenders typically charge a discharge fee ($200 to $400) and the process can take several weeks to complete.
Why It Matters
Even after you make your last mortgage payment, the mortgage remains registered on your title until the discharge is processed. This matters if you're selling your home or refinancing, as the discharge must be completed for a clean title transfer. Follow up with your lender to ensure the discharge is filed promptly.
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