English translation: to settle/pay off the mortgage by means of (a) payment
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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:
cancelar la garantía hipotecaria previo pago
to settle/pay off the mortgage by means of (a) payment
Explanation: In Latin American Spanish, "cancelar" often means "to pay" or "to settle". It is possible, therefore, that this is the sense here, depending on the full phrase in the original. It could have the sense of paying off the balance of the mortgage with a single payment, but it is impossible to say definitely without seeing the full original document.