Full and Partial property discharge

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What is Full and PArtial Discharge of a Property and why & when is this required in a MOrtgage.

What is the difference between a refinace and Topup. Explanation with An Example Please.

Samantha · Posted: Sun Jan 28, 2007 8:27 am Post subject: RE: refinance vs top up loan

Hi Bubblzz,

Welcome to the forum.

Partial discharge is required when a mortgage loan is partly paid off and full discharge is needed when the loan is paid off in full.

Regarding your second query; refinance is the way of taking out a new home loan in order to pay off the existing loan against the same property. The loan amount can be equal to the unpaid loan balance or higher than that.

Top up loans are loans offered against your property on which there is already a mortgage. Top up loan is similar to second mortgage which is offered against the home equity.

When your property value rises and you continue paying off the first loan against it, you get the chance to borrow against the rise in your equity by taking out top up loan. This kind of loan can be used for home improvement, holidays, or any personally borrowing need.

Hope you will get some help from the information I shared with you.

God bless you.

Samantha

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