A statement provided by your existing lender that outlines the amount required to pay off a mortgage.
The discharge statement is requested when you plan to pay the mortgage off in full. It lays out the terms and conditions you must meet for the lender to release the borrower and any guarantors from their liability under the mortgage agreement and release the lender’s claim on the borrower’s collateral (property).
Discharge statements are also referred to as:
- “payout statements”
- “assignment statements” (in cases where you’re merely transferring to a new lender, as opposed to refinancing or paying off the mortgage permanently)