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selling house before mortgage is paid off

5 Times You Shouldn’t Refinance Your Mortgage – Refinancing your mortgage. your house for $250,000, paid off $30,000 of it, but the value of your house dropped to $225,000, you would have very little equity in the home and in most cases have to.

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Paid off mortgage — how would new house purchase financing. – Me and my SO completely paid off our mortgage a couple years ago. So, we have full equity. That’s great, we’re happy w/the situation. Now, if for whatever reason we decide to uproot and move to an entirely new city and/or state, how would the financing work?

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What happens when you sell a house when you haven't paid off. – Proceeds from sale must first be applied to any mortgages and other charges or liens against the property, applied in sequence according to the relative priority of same (e.g. the 1st mortgage has to be paid off in full before the 2nd mortgage gets a penny). If there’s anything left over, it goes to the vendor.

Divorce decision: Keep the house or sell it? – My friends keep telling me to live there because there’s no mortgage, but the house is older and will eventually need significant repairs. If I sell, my husband and I split the money. I’ve never dealt.

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Buying a House Before Selling the House In Which You Live – A homeowner who wants to exchange the house in which she lives for another one that better meets her current needs and capacities can save herself much grief and expense by buying the new house before selling the old one. Buying the new house first means having to move only once instead of twice.

Do you have to pay off your mortgage before you can sell your. – Yes you can sell your house before you pay off the mortgage. The house will be paid off at closing and any money you make above the balance on the mortgage is your profit. Of course with realtors fees and closing costs I doubt you’ll clear $100,000 profit.

The mortgage gets paid off. If you had a $400K mortgage and you have been making the payments it is very unlikely that you owe more than $400K unless of course you had a ‘negative amortization loan’, one in which you had the option of paying less than the interest owed. Those loans were available but were quite unusual.

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Koss said, too, that today’s low mortgage rates means that it makes more sense to save than to pay off a home loan. If your mortgage has an interest rate of in the 3-percent or 4-percent range, and that mortgage interest is tax deductible, paying down your loan’s balance might not provide enough of a financial benefit to make it worth your effort.