Mastering Your Mortgage Payoff in Home Sales: Expert Tips from Boston's Real Estate Leaders

Selling your home in the Greater Boston area and puzzled about how your mortgage fits into the equation? You're not alone. David Lenoir from Coldwell Banker Realty and Rick Waldron, a mortgage officer with Guaranteed Rate Affinity, shed light on this topic, simplifying the concept of mortgage payoff for sellers.

When you decide to sell your property, the first chunk of your sale proceeds goes towards paying off your existing mortgage. This is what's known as 'mortgage payoff.' It's crucial to understand that this payoff amount might differ from your current mortgage balance due to accrued interest or, in rare cases, a prepayment penalty.

Knowing your mortgage payoff amount is a key step in the home-selling process. It not only helps in setting a realistic price for your property but also gives you a clear picture of your potential profit. Remember, if your selling price exceeds the payoff amount, the surplus is yours. However, if the sale falls short, you may need to cover the remaining balance.

Navigating through the process of selling your home with a mortgage doesn't have to be complex. With expert guidance and the right information, you can make informed decisions and experience a seamless transition. For more insights and assistance, feel free to reach out to David and Rick. They're more than happy to help you embark on this exciting journey!

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