When a mortgage loan is paid by the borrower in full, satisfaction of mortgage is issued by the lender as written proof of fulfillment of obligations regarding the mortgage. It shows that there is no more mortgage obligation that borrower need to pay. It is a legal document usually created and issued by mortgage lender to the borrower. Once it is issued by the lender, it must be filed with local county recorder or authorities to get the property title cleared. Satisfaction of mortgage form template is used to prepare error free satisfaction for mortgage.
Core purpose of the satisfaction of mortgage is to acknowledge that loan has been fully paid by the borrower and lender has not longer control over the ownership of property of borrower. As a money borrower, you can show the signed satisfaction of mortgage to indicate that all remaining balance regarding the loan has been paid in full and now there is no obligation that needs to be fulfilled by you. It helps you to get clear title to the property ownership. You are recommended to utilize free satisfaction of mortgage form in order to prepare this legal document easily.
When your outstanding balance of loan becomes zero, you should ask the lender or financial institute to issue satisfaction of mortgage for you. It may take some time (often few weeks) to get this document from lender or bank. County office may require you to submit the satisfaction of mortgage to prove that your property is clear and free from obligations. Satisfaction of mortgage form template is a document with blank fields that can be filled by a lender or financial institute to generate a satisfaction of mortgage for borrower with professional appearance. Such forms are available here in MS word and PDF formats.