| You've decided to make the plunge and sell you | | | | during the time you lived in the home and made |
| home. More than a few people have innocently asked | | | | monthly payments. |
| me, "What happens to my mortgage when I sell my | | | | When you go to sell your home, the simple question |
| home?" | | | | is what happens to the then due balance on the |
| What Happens to My Mortgage When I sell My | | | | mortgage? The simple answer is the financial |
| Home | | | | institution is going to be paid out of the proceeds of |
| If you own a home, you undoubtedly are carrying a | | | | the sale before you see anything. As a result, it is |
| mortgage on it. A mortgage is simply a loan from a | | | | critical that you calculate in the loan repayment |
| bank or financial institution for percentage of the | | | | amount when determining if it makes sense to sell a |
| value of the home, which you pay to the person you | | | | home. If you have a home worth $300,000 and owe |
| purchased the home from when you bought it. | | | | $280,000 on the mortgage, you are going to realize |
| Depend on the type of mortgage you have, the | | | | little or no profit after the costs associated with the |
| amount due on the loan should have decreased | | | | sale and probably shouldn't sell it. |