Are you thinking about selling your current home and buying a new one? If so, then you may be wondering what will happen to your mortgage. Keep reading to learn more about the mortgage process when you sell and buy a house.
If you have a mortgage on your current home, you will need to pay it off in full when you sell the property. How will you pay it off? Well, more than likely you will use the proceeds from the sale of your current home to pay off your mortgage.
Now, if you are buying another home, you will likely need to take out a new mortgage. This will typically involve meeting with your lender to discuss your options and compare rates. This is also a great time to speak with your Realtor. We can help you navigate the home selling and home buying process.
In order to get the best possible deal on your new mortgage, it is important to compare rates and other terms from different lenders. This can involve researching different options online or speaking with a mortgage broker to get advice on the right lender for your needs. Additionally, it may be helpful to keep an eye out for special promotions or incentives.
As you go through the process of selling your current home and buying a new one, it is important to understand the mortgage process and be prepared for all of the steps involved. Whether you are paying off an existing mortgage or taking out a new one, there are many factors to consider when comparing rates and choosing the right lender. By doing your research and working with a qualified professional, you can be sure to find the best mortgage solution for your needs.