what happens to your mortgage when you sell your house and buy another

What happens to your mortgage when you sell your house and buy another

When you sell your home, a part of the sale proceeds are used to pay off your mortgage. Then so long as you have enough equity in your home, you’ll have enough money leftover from the sale to put towards your next purchase. But if you don’t make enough from the sale of your home to pay off your mortgage, you will end up having to make up this shortfall and pay off your mortgage before the sale can proceed.

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