FundRobot » Growth Fund » Can I sell my house before it's completely paid for? How does that work?

Reply
Old   #1 (permalink)
 
Posts: 2,565
Default sell my house before it's completely paid for es that work

For Example: If I buy a house & later on get married & my spouse & I want to buy a new home together, but I'm not finished paying the mortgage on my house. Does the rest of the payments get transfered to a new mortgage?

Stocks4Me is offline   Reply With Quote
Old   #2 (permalink)
 
Posts: 2,616
Default sell my house before it's completely paid for es that work

Of course you can...
the money received is used to pay off the mortgage.
TvShows3 is offline   Reply With Quote
more..
Old   #3 (permalink)
 
Posts: 2,621
Default sell my house before it's completely paid for es that work

You sell your house, pay off the mortgage with the money ( you don't see the money ) it gets paid to your mortgage on completion of sale and keep the rest. You get another mortgage if you want and use the money left from the sale as a deposit.
Money07 is offline   Reply With Quote
Old   #4 (permalink)
 
Posts: 2,557
Default sell my house before it's completely paid for es that work

of course. You sell the house and with the money received, you pay off the old loan.
NewTech0 is offline   Reply With Quote
Old   #5 (permalink)
 
Posts: 2,639
Default sell my house before it's completely paid for es that work

this kind of situation is why I tell people don't buy a house until you have kids.

If you have a 30 year loan and you've been paying on a house less than 10 years then all you've been doing there is renting and you've built up no equity so you'd probably lose money.

But yes you can sell one house and buy another, in your case, at a loss.

I get it that she wants something in her name, so thinks it would be a good idea to have both your names on a house mortgage and deed later, and that that's a way to build her credit. Will she be contributing to the 20% down on the new house?
Smile.ToMe is offline   Reply With Quote
Old   #6 (permalink)
 
Posts: 2,565
Default sell my house before it's completely paid for es that work

You have an option about what you would want to do with a house you purchased prior to getting married.

#1. You may keep the house and make arrangements to add your spouse to the mortgage and title deed.

#2. Keep the house as a rental income, while continuing to pay the current mortgage. (Recommended)

#3. Sell the current house.
In doing this a buyer would purchase the house, be approved for a mortgage loan, based on the sale price of your house, normally more than your mortgage loan balance. In the transaction, your mortgage loan balance would be paid off through the sale transaction, by the mortgage loan approved for your new buyer. Your escrow closing agent would contact your mortgage lender and request the mortgage loan balance payoff and where to wire or send the mortgage loan balance. Any funds remaining after closing cost, would be yours to keep and do as you please. This would no longer be a loan you would be responsible. It would be paid off completely.

This is a common transaction, most people sell their houses with a current mortgage that would be paid off during the sale of the property transaction.

If you and your spouse would want to purchase a new home, you would be required to apply for a new mortgage loan. If you decide keep the house, your spouse and your income should be sufficient to off set the current monthly mortgage payment you are required to pay.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"
Stocks4Me is offline   Reply With Quote
Old   #7 (permalink)
 
Posts: 2,611
Default sell my house before it's completely paid for es that work

Your agreement for the loan almost certainly contains one or more specific clauses that apply to your proposed sale. There is typically a "notice and acceleration" clause, meaning you have to notify the lender that you are selling the property and they then call the full payment "accelerated" to your closing date. During the closing, the buyer's lender pays off the prior loan you had, drawing on the money being loaned to the new buyer. You are then given the amount in excess of what you still owed, minus payments for other liens (unpaid taxes, unpaid contractors, etc).

In some cases, the new buyer can "assume" the loan from the same lender and continue paying what you would have been paying.
JohnyZone is offline   Reply With Quote
Old   #8 (permalink)
 
Posts: 2,555
Default sell my house before it's completely paid for es that work

'If' in the future, you do all of this....the following is what will happen. You sell your current home, once it is sold - you take that money to pay off your current mortgage and use the rest for a down payment on another home.
TodayIBUY is offline   Reply With Quote
Reply

Bookmarks

Thread Tools



Premium Numbers - Premium Domains - Find Arena - Cash - Coding Core - Bills - Find Arena - Bagoly - Wrestling -