Know your Numbers: Mortgage Payouts & Penalties

 

So you have decided you want to sell your home.

The first thing you need to know is your numbers, meaning the cost associated with selling your home. You need to ensure you can afford to sell.

The best first step is to contact your bank or mortgage provider to find out what your options are.

If you are mid-term on your mortgage there will likely be a penalty or you may want to see if you can transfer or "port" your mortgage to a new purchase.

This will help you determine what you would need to sell your house for in order to have enough for a down payment on the new home, or enough to payout the mortgage upon the closing of your sale.

Click the link to get a home evaluation, and I can help you determine if the price you need for your home is realistic!


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