What happened to the mortage when I sell the house?

  • #298318
    Finance Infant 209.***.11.213 2346

    I start learning about house purchase these days.
    This is my question.

    In case,
    I buy a house with mortage at $200K.
    I sell that house at $300K after ten years and move to a bigger house.
    The principle left is $150K (for example).
    What happend to the current mortgage and should I get another mortgage for a new house?

    • 74.***.191.139

      네. 집을 팔게되면 몰기지는 끝나게 됩니다.
      새로운 집에 대한 몰기지를 얻어야만 합니다.

    • yup 136.***.158.153

      When you sell a house, there are two things happening. 1) pay off the current loan 2) transfer the ownership of the property.

      People usually do these together and pay off the mortgage with the money they get from selling the house. If you want to buy another house, that’s a separate transaction.