Nothing could be more relieving than paying off your mortgage, especially if you can pay it off early. Just imagine having no more worries about coming up with the funds to keep the bankers at bay. Now you can take some time off, change jobs, or do whatever you want. Owning your home free and clear is a liberating experience. So, now that you have sent in that last payment, what’s next?
Life will change for you. You will feel a sense of pride and may even feel a little confused on what to do with all that money. Should you invest in a rental property? Should you make repairs? The friendly team at Axiom Mortgage Solutions can offer expert advice to help you attain your next financial goals.
What Comes Next after Paying Off Your Windsor Mortgage
There are still some final loose ends to tie up. Here are some items you can expect to handle:
- Documents from your lender – After you send in your final payment, your lender should provide you with your cancelled promissory note. They may send a statement indicating your balance is paid in full and your cancelled mortgage or deed of trust. Give them a few weeks after payoff to send them to you.
- Property taxes – If your property taxes were collected into an escrow account to be paid out by the lender, you will now have to assume that responsibility. Contact your local real estate tax authority to find out how often they should be paid and put some money back each month to pay that bill.
- Homeowner’s Insurance – Contact your insurance agent to have your lender removed. If you file a claim while they are still on the policy, part of the money will go to them causing delays in your reimbursement. Make arrangements to keep the coverage paid if it was previously escrowed as well.
- Reclaim extra escrow funds – Many homeowners pay their taxes and homeowner’s insurance through funds collected in their monthly payment. If there is an overage in your escrow account, your lender should send you a check for the balance.
- Redirect your mortgage payment – Now that you do not have to send off that mortgage payment, decide where to redirect the money. You could pay off other debts, fully fund an emergency fund, or increase your retirement savings. Do something productive that will bolster your financial future.
- Celebrate – Consider celebrating your new found freedom. Take a long weekend. Splurge on a fancy dinner. Do something that reminds you that all the hard work was worth it.
Get to Your Financial Goals Quicker – Talk with a Mortgage Broker in Windsor
Embrace your new found financial freedom after you have ensured the last details are buttoned up. If you have not quite reached your goals, Axiom Mortgage Solutions can help. We offer comprehensive advice and mortgage products that are suited to your specific needs. We are happy to answer your questions and find the right mortgage for your property and budget.