Congratulations! Once you pay off your mortgage, you will receive documentation from your lender or broker. You will then need to notify your local records office in order to receive your deed of trust.

A reputable lender will always be available to help and answer your questions — no matter if it’s one week or 10 years after you sign your mortgage.

Foreclosure is when the lender takes control and ownership your home and removes you from the property. This typically occurs 120 days after the borrower hasn’t made any monthly mortgage payments.

Many lenders offer a grace period so that you can make your payment without penalties or late fees. After 15 days, you’ll be charged a late fee, and your loan will go into default after 30 days. At that point,…

Don’t worry — this is common because many people have to move or want to sell before their mortgage is paid off. When you sell your home, the goal, of course, is to sell it for more than you paid….

There are also small, strategic ways you can chip away at your loan, such as rounding up your payment each month or ditching those daily coffee runs and adding $25 or $50 to your monthly payments. You can also pay…