The good news is that the number is much smaller now that you’ve eliminated your mortgage payment. Build your emergency fund: Experts recommend having an emergency fund that is three to six months of your monthly expenses. Focus on paying off debts: If you have other debts, “snowballing” your mortgage payment towards the next debt can accelerate its payoff.Celebrate this milestone: This is a momentous occasion, so take the time to celebrate it with your significant other, family and friends.They may require a copy of your mortgage documents to verify that this is true. Notify your insurance company: Contact your insurance company to let them know that your mortgage has been paid off.If they have not within 90 days, bring your mortgage documents to the clerk to update their records. Send discharge of mortgage letter to your county: Your mortgage company should send all of the required documents to your county clerk’s office notifying them that your home is no longer bound by a mortgage.With your mortgage paid off, you do not have to send the mortgage company any more money.
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