What Happens to Your Mortgage When You Sell Your Home?🏡
🏡 Still have a mortgage? You can still sell your home.
When you sell, your existing mortgage is typically paid off at closing using the sale proceeds.
đź’° What Happens to the Money?
1. Your Home SellsOnce you accept an offer, the closing process begins.
2. Your Lender Provides a Payoff AmountThe exact payoff amount may include your remaining balance, accrued interest, and applicable fees.
3. The Mortgage Gets Paid at ClosingThe mortgage payoff is deducted from the sale proceeds, along with applicable closing costs, taxes, liens, and other expenses.
4. You Receive the Remaining ProceedsAfter everything owed is paid, any remaining amount goes to you.
📉 What If You Owe More Than Your Home Is Worth?
If the sale proceeds aren't enough to cover your mortgage and other obligations, you may need to explore additional options with your lender and qualified professionals.
đź’™ Know Your Numbers Before You Sell
Understanding your sale price, mortgage payoff, closing costs, and estimated net proceeds can help you make a more informed decision.
Our team can help you understand your options and get a clearer picture of what selling could look like for you.
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