When an owner of a property repays their mortgage, this is known as redeeming a mortgage. The owner will need to obtain a statement detailing the total amount of money that is owed. This can be found on a Redemption Statement. It should also be noted that repaying back the mortgage loan earlier than planned could render the owner liable for a Redemption Fee.
This is because the lenders will want to make up for the interest they will lose from not receiving future repayments. Many homeowners decide to pay their mortgage off early to save money from future interest payments.