Real Estate Law
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Most mortgages do not carry any sort of penalties or fees for paying off the loan early. However, you may want to check the documents, just in case. There should be a clause in there that says something like "no prepayment penalty." You could also ask the bank to check for you.
Once the loan is paid, the bank's lien will be removed and the lien removal is recorded for you. They should notify the county for you, so if they were paying your property taxes out of escrow, the bills will start coming to you directly but you might want to ask. If you were having property insurance or anything else paid by the bank from your escrow account, you may want to contact them just to make sure you get all the bills going forward.
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