🏡 How to Sell Your Home When You Still Have a Mortgage

Selling a home with an outstanding mortgage is very common — and with the right guidance, it’s a smooth and manageable process.

Here’s what you need to know:

• Request a Payoff Statement

Start by contacting your mortgage servicer to request a payoff statement.
This document will tell you exactly how much you owe if you were to pay off your loan today, including any applicable prepayment penalties.

Keep in mind: mortgage balances decrease with each payment, so the payoff amount is time sensitive. If your selling timeline changes, you’ll need an updated statement.

• The Market may have shifted since you purchased your home

A knowledgeable real estate agent can assess your property’s current value and help set a competitive listing price.

You’ll want to ensure the sales price covers:

1. Your remaining mortgage balance
2. Estimated closing costs
3. Real estate commissions
4. Any potential repair costs

This way, you’ll have a clear understanding of your potential net proceeds.

• Prepare, List, and Market Your Home

Working with an experienced agent is key to a successful sale.

From strategic pricing and staging advice to aggressive marketing, your agent will maximize your home’s exposure and help you negotiate the best possible terms.

Smart updates or repairs can also make a big difference — boosting your home's appeal and potentially your final sales price.

• Continue Making Mortgage Payments

Even after accepting an offer, it’s crucial to continue making your mortgage payments on time.

Staying current avoids unnecessary fees or complications before closing.

• Close the Sale and Pay Off the Mortgage 

At closing, the buyer’s funds will first pay off your remaining mortgage balance directly to your lender.

You will then receive the remaining proceeds, minus closing costs and agent commissions.

The good news? Once the sale is finalized, your mortgage obligation is fully settled — and you’re free to move forward!

Thinking about selling your home but still have questions about your mortgage? I’m here to guide you through every step of the process. Let’s talk!

Christel Renaud | Christel Miami Luxury Living

912-484-0498 | [email protected]