Mortgage Discharge

« Back to Glossary Index

When a lender releases a borrower and any guarantors from their liability under the mortgage agreement and releases the lender’s claim on the borrower’s collateral (property).

You need to discharge a mortgage when you refinance it or otherwise pay it off.

Discharge fees of $75 to $500 generally apply depending on the lender and province.

Synonyms:
discharge
« Back to Glossary Index