Can I Sell My Port Washington Home That Still Has a Mortgage?

Can you sell your Port Washington home if you still have a mortgage?
Yes — you can sell your home even if you haven’t finished paying off the loan. At closing, your mortgage balance will be paid directly from the sale proceeds. The key is understanding how much you still owe and what that means for your bottom line.

How Selling With a Mortgage Works

1. Request a Payoff Statement

   • Contact your lender to find out your exact mortgage balance, including interest through your projected closing date.

2. List and Market the Home

   • The selling process is the same as any other home sale. Your REALTOR will help price and market your home to attract buyers.

3. Closing Process

   • At closing, the buyer’s funds pay off your mortgage first.

   • After the loan is satisfied, you receive the remaining proceeds (minus commissions, taxes, and fees).

What If You Owe More Than Your Home’s Value?

If your mortgage balance is higher than your home’s market value, it’s called being “underwater.” In this case:

• You may need to bring cash to closing to cover the difference.

• Alternatively, you could pursue a short sale, where the lender agrees to accept less than the full balance. Short sales require lender approval and can take longer.

Benefits of Selling With a Mortgage

• No Need to Wait: You don’t have to delay your move until the mortgage is paid off.

• Leverage Equity: If your home’s value has risen, you can use the sale proceeds to pay off your loan and still walk away with cash.

• Flexibility: Selling now may allow you to downsize, relocate, or upgrade without financial strain.

Example

• Mortgage Balance: $400,000

• Sale Price: $700,000

• After closing costs and commissions, your lender is paid $400,000 and you receive the remaining net proceeds.

How Eric Berman Helps

Eric Berman, REALTOR, ensures a smooth process by:

• Helping you understand your equity position with a net sheet analysis

• Pricing your home correctly to cover your mortgage and expenses

• Guiding you through options if you owe more than your home is worth

Bottom Line

Yes, you can sell your Port Washington home with an active mortgage. The process is straightforward: your loan gets paid off at closing, and you keep the remaining proceeds. The most important step is working with an experienced agent to calculate your numbers and plan your next move.

Thinking about selling your Port Washington home? Contact Eric Berman for a free equity review and personalized selling strategy.

Meta Description:
Can you sell a Port Washington home with a mortgage? Yes — learn how the process works, what to expect at closing, and how REALTOR Eric Berman helps you plan ahead.