Mortgage Discharge Fee
There are several different names for the mortgage discharge fee associated with a mortgage loan and there are several different types. You should find out about these based on where you are with your mortgage.
The mortgage discharge fee is an administrative type fee that is charge by your original mortgage lender to transfer your loan over to another mortgage lender. This loan discharge fee can be charged if selling your property and you have a buyer. A lender can also charge this fee after you pay off the mortgage.
The mortgage discharge fee, if applicable, will usually be listed or hidden in with other fees on your original home mortgage papers. It can be listed using any of these additional terms besides mortgage discharge fee; seal or sealing fee, exit or mortgage exit fee, redemption or redeeming fee, or vacating or vacate fee.
Lenders justify this as the cost of servicing a loan account such as processing paperwork and payments. However, it is legal as long as the charge is outlined in your loan documents. This fee varies from home mortgage lender to lender, so it is best to go back through your mortgage papers.
Mortgage Exit Fee
Some home lenders will charge you what they would have earned in interest for a couple of months. Others will charge you a percentage of the original amount of the mortgage before sending you your mortgage discharge papers and then others may waive the fee.
If you cannot find the mortgage discharge fee listed in your original paperwork, log into your account online. You may also want to check other statements and mailings you may have received through the mail. Legally, you're to be notified about this fee changing on your mortgage.
If you had to pay this fee and you have paid this fee, ask your lender when you should receive your mortgage discharge papers (satisfaction of mortgage or discharge of mortgage). This insures that if there are problems, you can easily provide proof that your property title is clear and free, at least from this lender.
Sponsored Links
Read More Mortgage Assistance Page
Return To Top Of Mortgage Discharge Fee Page
Off To Consumer Debt Relief Home Page
