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You’ve paid off your house, what's next?

Move into your mortgage-free future confidently with a comprehensive checklist and goal setting advice.

By ATB Financial 17 November 2022 3 min read

You’ve paid off your mortgage. Arguably one of your largest expenses is now something you really, truly own. 

Now that you’re no longer making significant monthly payments, what do you want to do next? Let’s dive into the practical steps following that last mortgage payment, and start casting a vision for your financial future, today.

Your post-mortgage checklist

You’re entering a new phase of life, filled with possibilities. Now that your last payment has left your account, here’s a list of what to do next:

  • Reach out to your loan servicer to request a payoff quote. It shows the remaining balance on your mortgage loan, including your outstanding principal balance, accrued interest, late fees and any other amounts.
  • Once you’ve received the payoff quote from your loan servicer, send it to a lawyer to have it recorded with the local government.
  • Expect these documents to be sent to you:
    • Canceled promissory note: comes from the lender as proof that your mortgage is paid off.
    • Deed of trust or mortgage deed: an agreement between the homebuyer and the lender at the closing of a property.
    • Certificate of satisfaction: a document filed in the public records certifying that a recorded lien1 on a real property has been paid in full.
    • Final mortgage statement: an up-to-date record detailing your loan.
    • Loan payoff letter: a document that details the exact amount of money needed to fully pay off your loan.
    • Hang on to all of your homeownership and insurance documents.

Now that you’ve completed your final payment—what’s possible?

What's possible now that you have completed your mortgage payment?

Invest in the future

With the money that was going towards your mortgage freed up, you have the opportunity to shift your focus to building your retirement savings. 

If you have automatic payments going into a Registered Retirement Savings Plan (RRSP) or a Tax Free Savings Account (TFSA), now’s the time to increase your contributions. If you don’t, you’re well set up to start contributing. Whatever your savings situation, maximize your contribution limits if you can.

Thinking of your children’s future? Consider increasing the amount you’re saving for their education. Investing in a Registered Education Savings Plan (RESP) allows you to take full advantage of available government incentives.

Reevaluate what’s possible 

Have you always wanted to travel? Buy a vacation home? Try a new hobby? Start a small business? This is an opportunity to reevaluate your financial plan and make adjustments. Optimizing the amount you’re saving and where you’re investing it enables you to achieve your goals.

Resolve the past

Now that your biggest debt is paid off, you’re in a position to repay any other debt. Create a repayment schedule for any credit cards, lines of credit or other loans. Prioritize paying off the debt that has the highest interest rate first, and you’re well on your way to becoming debt-free. 

Enjoy the present

It’s time to celebrate! This is a major milestone you can be proud of. Set aside time to come up with a meaningful way to honour this incredible achievement. You’ve earned it.

What can we help make possible with you? Connect with a Wealth Advisor to go over your goals and create a plan to get you there.

1 A lien is the legal right of a creditor to sell the collateral property of a debtor who fails to meet the obligations of a loan contract. If you owe money and that debt is attached to your home, there is a lien on the property. When that debt is paid in full, the lien is cleared from the record.

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