Can I Sell My Home in Long Island if I Still Have a Mortgage?

Can I sell my home in Long Island if I still have a mortgage?

Yes, you can absolutely sell your home in Long Island even if it still has a mortgage. Most homes are sold this way. The key is making sure the sale price is enough to pay off your mortgage balance and any associated closing costs.

Understanding the Process

Selling a home with an existing mortgage is standard in today’s real estate market. If you're thinking about making a move in Long Island, you're likely not alone—many homeowners work with real estate professionals like Eric Berman, Realtor, to handle this kind of transaction smoothly.

What Happens to the Mortgage When You Sell?

When you sell your home, your mortgage doesn't follow you—it gets paid off at the closing table. The funds from the sale go directly toward paying off the outstanding loan balance. If you sell for more than what you owe, you keep the difference (minus other closing costs).

Long Island Real Estate Market Snapshot

As of 2025, Long Island’s housing market remains competitive. Nassau County’s median sale price sits around $780,000 while Suffolk County’s is approximately $650,000. If you’ve owned your home for several years, there’s a strong chance you’ve built equity—making it easier to sell even with a mortgage in place.

Steps to Sell a Mortgaged Home in Long Island

Here’s a breakdown of how to go about it:

- Contact your mortgage lender to get a payoff amount.

- Hire an experienced local real estate agent like Eric Berman.

- Set a realistic listing price that factors in your loan balance and market value.

- Market the property and accept an offer.

- Close the deal and use the proceeds to pay off the mortgage.

Why Work with Eric Berman, Realtor?

Eric Berman has helped many Long Island homeowners successfully sell their properties—whether they’ve owned their home outright or still owe on their mortgage. He provides personalized advice and detailed market analysis to help you make the smartest decision based on your financial goals.

What If You Owe More Than the Home Is Worth?

If your mortgage balance is higher than your home’s market value, you might need to explore a short sale. This process requires lender approval and can be more complex. In this case, consult both a real estate agent and a real estate attorney for proper guidance.

Remember: This blog post is for general information purposes only. Always consult with a licensed real estate attorney or tax advisor for specialized advice related to your specific situation.

Final Thoughts

Having a mortgage shouldn’t stop you from selling your home in Long Island. With rising home values and a knowledgeable local agent like Eric Berman by your side, the process can be seamless. Whether you're downsizing, relocating, or making a lifestyle change, now might be the right time to explore your options.

📞 Ready to talk about selling your Long Island home—even with a mortgage still in place? Reach out to Eric Berman, Realtor, for a personalized consultation and a clear plan to move forward.


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