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Updated almost 8 years ago on . Most recent reply

Syed Shah's profile image
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Syed Shah
  • from Northern Virginia
  • Member since Nov 6, 2017

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Syed Shah's profile image
Syed Shah's profile image
Syed Shah
  • from Northern Virginia
  • Member since Nov 6, 2017
Syed Shah
  • Northern Virginia
7
Votes |
62
Posts
Insurance

Paying Off Primary Mortgage and Home Insurance Question

Syed Shah
  • Northern Virginia
Posted

So, I am planning to finish my primary house mortgage. Was wondering if I have to do any work or be prepared for anything before I satisfy the loan? Understand, have to take care of insurance, taxes and deed with the county. Since, I'll be paying taxes and insurance on my own.

Is there anything else? Also, should I change my home owners insurance limits, so that premium can go down? Currently, I am paying ~$800/year.

Any other tips or advice? Thanks very much.

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Tom Gimer
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Tom Gimer
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Replied

You don't need to do anything with the deed... it's already in your name. Within a month or so after paying off your note the lender will record a certificate of satisfaction alerting the world that your payment obligation has been satisfied and their lien is released.

  • Tom Gimer
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