Real Estate

Mortgage discharge time

  • Last Updated:
  • Apr 14th, 2020 12:56 am
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[OP]
Member
May 29, 2006
399 posts
100 upvotes

Mortgage discharge time

Hi just discovered this sub forum and I have alot of reading to do tonight as I'm looking to buy soon.

In the meantime, a quick question. Does it make sense that a discharge takes 70 days? I've never discharged a mortgage before but I always thought it would take a week or two. First national is telling me 70 days to file the discharge which will make it difficult for me to get a heloc on it through another lender.
4 replies
Deal Fanatic
Apr 5, 2016
5179 posts
3685 upvotes
Calgary/Vancouver
For BC, it's within 60 days. It's enforced by the law society of BC. May have to contact your province's law society to see what's the deadline for discharging.
[OP]
Member
May 29, 2006
399 posts
100 upvotes
Didn't realize it would be that long. What's typical outside of covid?
Deal Fanatic
Apr 5, 2016
5179 posts
3685 upvotes
Calgary/Vancouver
That is outside of covid. Usually it doesn't take that long, say 2-3 weeks but some institutions have to manually send in a discharge form and may get delayed.

You can still get a HELOC in the mean time. For the First national mortgage discharge, was that by paying off the mortgage or transferring? You could speed things up by having your solicitor doing your HELOC request the discharge faster as long as you have documentation supporting the charge to be discharged.
[OP]
Member
May 29, 2006
399 posts
100 upvotes
bomber17 wrote: That is outside of covid. Usually it doesn't take that long, say 2-3 weeks but some institutions have to manually send in a discharge form and may get delayed.

You can still get a HELOC in the mean time. For the First national mortgage discharge, was that by paying off the mortgage or transferring? You could speed things up by having your solicitor doing your HELOC request the discharge faster as long as you have documentation supporting the charge to be discharged.
Hi bomber, it was to pay it off at first national and then get a heloc at another institution for which I've locked in p minus 67. The problem is I only have 90 days or so left on the rate hold. And the heloc money is going to buy another property which I haven't found yet. But my new lender says it might be a big problem if the mortgage isn't discharged and filed yet and they go and try to process the heloc.

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