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Least Expensive Way To Sell A Home
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You want to sell your house and move on to the next phase of your life, but your mortgage isn’t close to being paid off. good Or will the amount owed on the loan make it difficult to sell?
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The short answer is, yes, it’s okay – in fact, it’s normal. “Most people selling their homes have a mortgage,” said Melissa Cohn, regional vice president of William Raveis Mortgage in New York City and Florida. “Having a mortgage does not prevent the sale of the home, as long as there is enough money to make the full payment at closing.”
Although a mortgage is a lien on your home, meaning that someone else (ie, your lender) has a claim on the property, it is not generally considered a lien on the title. It’s an easy problem to solve: A balance is established when the sale is completed; it is usually part of a cycle of exchange rates that occur during closing. This expectation that you will use the proceeds of the sale to pay off the loan is the reason the lender will allow the sale to proceed.
Can you. Equity is the key to selling a mortgage: Basically, your home equity is equal to the value of your home minus the outstanding mortgage balance. For example, if your home is worth $250,000 and you owe $100,000 on the mortgage, you have $150,000 in equity. This is the amount of money, minus your closing costs and expenses, that you will receive when your sale is complete (assuming you sell for the full $250,000).
Good home equity is necessary to be able to pay off the loan with the proceeds of the sale. As long as you sell your home for more than the remaining balance on the loan, you will be able to pay off your loan. Increase your equity by paying off your loan balance, but it can also be achieved by increasing the value of your home, either through natural market changes or through improvements that increase its value.
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If you can afford it, a good way to increase your equity is to make 13 mortgage payments each year and specify that they should be applied to the principal. This speeds up your mortgage by reducing the interest paid on the outstanding balance.
Remember that you will have to pay closing costs when you sell, which can include Realtor commissions and more. So if your equity is too small, it may not be enough. If you don’t have enough equity in your home to pay off the loan with the proceeds of the sale, you’ll have to use other funds — such as savings — to make up the difference.
The only time you might have trouble selling a home with a mortgage is when you have bad equity. Colloquially known as underwater or upside down, it basically means that the house is worth less than what you owe.
Imagine you buy a house for $300,000, put 20 percent down and borrow $240,000, and you’ll find that you can sell the house for only $225,000 and you won’t be able to sell your home at a price that allows you to pay off what you owe. They are under water.
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Generally, you must pay off any mortgage or secured loan on the home when you sell the property. You can list the property for sale and go through most of the process while still owing the balance, but you must pay off the loan as part of closing the sale. Here are four steps to follow when selling a home with a mortgage.
The first thing you should do if you are thinking of selling a home with a mortgage is to contact your lender and ask for a payment statement or letter. This document tells you how much you need to pay the lender when you sell. The payment amount will change each month, even on a fixed rate loan, as you pay each month. So be prepared to get a second statement when you close
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