September 27, 2020
I'm having a hard time figuring out the following situation
I sold my house for 312000. I have a mortgage of 145000.
I think I can transfer my mortgage to the new property I just bought. The new property cost is 125,000. So I have 2 options
1) take the existing mortgage and transfer it to the new property. Receive the 312,000 then pay off the mortgage leaving me with 167,000 in my pocket and no mortgage.
2) Receive the 312,000 and pay off the 145,000 mortgage, leaving 167,000. The buy the new property for 125,000 leaving 43,000 in my pocket.
I meet with the bank tomorrow. Do I not understand mortgage transfers or is there a way for me to "lose" 125,000$ by not doing things in the proper sequence?
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