Satisfaction of Mortgage Definition | Finance Dictionary | MBA Skool-Study.Learn.Share.
As the name suggests, satisfaction of mortgage is an acknowledgement given by the lender of mortgage in written form that mortgage has been fully paid.
This satisfaction of mortgage document must be recorded with county officer. It is required to get the property related matter updated and to get the clear title of property. After the total mortgage amount has been paid, lender issue satisfaction of mortgage document. It takes a few days. But this document need to be issued by lender in the specified period of time otherwise lender will attract penalty and the property will also show a lien against it.
Many financial planners recommend to pay off mortgage as soon as possible as it will save lot of money in interest payments and it will help get coveted satisfaction of mortgage sooner.
Satisfaction of Mortgage document is useful for the owner if he wants to pledge his property as a collateral to get a loan.
Hence, this concludes the definition of Satisfaction of Mortgage along with its overview.
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