Article: What Happens To My Mortgage When I Sell My Home
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What Happens To My Mortgage When I Sell My Home
You?ve decided to make the plunge and sell you home. More than a few people have innocently asked me, ?What happens to my mortgage when I sell my home??
What Happens to My Mortgage When I sell My Home
If you own a home, you undoubtedly are carrying a mortgage on it. A mortgage is simply a loan from a bank or financial institution for percentage of the value of the home, which you pay to the person you purchased the home from when you bought it. Depend on the type of mortgage you have, the amount due on the loan should have decreased during the time you lived in the home and made monthly payments.
When you go to sell your home, the simple question is what happens to the then due balance on the mortgage? The simple answer is the financial institut...
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