If I already own a house of which I am still paying a mortgage on, and I move to a new house. What happens in terms of mortgages when I sell my existing house to move to the new house?
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With proceeds from the sale of your old house, the mortgage balance gets paid off in full. You get the balance of that money.
You then get a new mortgage for your new home. Typically you’d roll proceeds from old home sale into down payment on new home. You might use a bridge loan or HELOC on old house to have funds for down payment available during contract period of purchase of new home.
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