Northern Virginia · Member since 2017 · 62 posts · 7 votes
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.
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.
