What are the fees and process involved in fully redeeming a mortgage with the bank?
- Title perfected
- No penalty for early redemption
- Conventional loan
- Single borrower and single owner
Fees and Process for redeeming mortgage early
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 Jul 25 2024, 02:34 PM, updated 2y ago
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#1
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5,584 posts Joined: Aug 2011 
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Jul 25 2024, 02:58 PM
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#2
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3,578 posts Joined: Apr 2006 
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Inform the bank of your intention to fully redeem the loan, they will advise you on the balance to be paid, then after you paid the balance, they will issue the letter of discharge. Pass this letter of discharge to your lawyer to handle the discharge.
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Jul 25 2024, 02:59 PM
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#3
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5,584 posts Joined: Aug 2011
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QUOTE(yeeck @ Jul 25 2024, 02:58 PM) Inform the bank of your intention to fully redeem the loan, they will advise you on the balance to be paid, then after you paid the balance, they will issue the letter of discharge. Pass this letter of discharge to your lawyer to handle the discharge. What are the fees involved? |
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Jul 25 2024, 02:59 PM
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#4
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QUOTE(contestchris @ Jul 25 2024, 02:59 PM) What are the fees involved? Check with your lawyer. |
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Jul 25 2024, 03:00 PM
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#5
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5,584 posts Joined: Aug 2011
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QUOTE(yeeck @ Jul 25 2024, 02:59 PM) Check with your lawyer. I mean usually, I don't have a lawyer. Am asking to get some idea |
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Jul 25 2024, 03:30 PM
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#6
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1,241 posts Joined: Jan 2003 From: KL 
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QUOTE(contestchris @ Jul 25 2024, 03:00 PM) I mean usually, I don't have a lawyer. Am asking to get some idea Go to your bank and tell you want to do discharge and redemption.Fee may be dependent on value. Mine was around RM1k legal fee. |
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Jul 26 2024, 07:03 AM
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#7
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8,740 posts Joined: Aug 2009
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QUOTE(contestchris @ Jul 25 2024, 03:00 PM) I mean usually, I don't have a lawyer. Am asking to get some idea Is a must get a lawyer. Go around to check with lawyer for quote |
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Jul 26 2024, 07:59 AM
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#8
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2,226 posts Joined: Oct 2010
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Is it possible to also use bank's lawyer ?
Not sure about the price ranges though. |
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