If you are preparing to pay out your mortgage, our team is here to help make the process as smooth and straightforward as possible. Below is an overview of the payout process, timelines, and answers to common questions.
How Do I Start the Mortgage Payout Process?
To initiate a mortgage payout, we must receive an official payout request from your lawyer. For residents of British Columbia only, a notary may also act on your behalf if preferred.
Your legal representative can send the payout request to:
Email: admin@armadamortgage.com
Or Fax: 604-467-6409
What Happens After the Request Is Sent?
After receiving the payout request, Armada’s team will prepare and forward the official payout statement to your lawyer or notary. This will include a Source of Funds Declaration, which is part of government required compliance procedures.
Your legal representative will then contact you regarding any next steps.
Once the payout funds have been received and processed, your lawyer or notary will complete the discharge of the mortgage from your property title.
How Long Does a Mortgage Payout Take?
Mortgage payouts involve a review process which may take approximately 5–7 business days.
Payout requests are processed in the order they are received, so we encourage borrowers to plan ahead and allow sufficient time before their anticipated closing or refinancing date.
Are Your Mortgage Needs Changing?
If your financial goals or property plans are changing, you may not need to move your mortgage elsewhere.
For example, if you are:
- Looking to access additional funds
- Refinancing for new financial goals
- Renovating your home
- Seeking flexibility with your mortgage structure
Armada may be able to help you modify or refinance your existing mortgage while helping you avoid some of the upfront costs associated with obtaining a new mortgage elsewhere.
We offer a variety of mortgage solutions and would be happy to discuss options that may suit your needs. Speak with your mortgage broker or contact our office to speak with a licensed underwriter.