How do home loans work when you have a home loan and want to sell your house and get a new home?

Say, you have a home that you still owe $$ on…..You want to sell this house and buy a new one. Would you take the money you get for selling your current home and put that toward paying off your current home….being left with only the mortgage payments on the new home.

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One Response to “How do home loans work when you have a home loan and want to sell your house and get a new home?”

  1. What most people do is they put their current house up for sale and go and look at homes to buy.

    They schedule both closings (the sale of the old home and the purchase of the new home) to happen at the same time. I have arranged this a thousand times. There is stress involved because you worry if one closing has a hitch.

    If you can afford to own both homes at the same time you can buy your new home first. If you can live with friends or relatives you can sell your old home first.

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