Once you've made the last payment on your mortgage loan,

the house is fully yours. 

But the lender does not automatically give up its rights to your home. 

​​

discharge is not automatic - there are 2 hings to do


​​1. Get confirmation from your lender that you paid your mortgage in full.

  • Most lenders don't send it automatically - you need to ask for it.
  • Check what is your lender's formal process for this request.
  • The lender may have be a discharge fee. This will be in your mortgage contract. Fees range from zero to $400. Some provinces / territories set the maximum fee a lender can charge to discharge a mortgage. 


​2. Request that the land registry update the title of your property by removing the lender's rights to your property.

  • Land registries are provincial / territorial agencies and may have different procedures / require various documents from you. 
  • You may be able to arrange with them directly or you'll need a lawyer. Lawyers fees can range from a few hundred to a couple of thousand dollars,


It's important to get this done.  You won't be able to sell your home / condo when there is a mortgage charge on it, even you don't owe any money​.


There are circumstances when you may decide not to discharge your mortgage. For example, if you were planning to use the home as security for an investment loan - but this only makes sense if the investment loan would be from the same lender as your mortgage.

discharge your mortgage