What Happens to Your Mortgage When You Sell Your Home?
When you sell, your mortgage gets paid off from proceeds at closing. Here's how payoff amounts are calculated, what fees apply, and what you keep.
Category Mortgage Guides
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Reverse Mortgage Explained: Pros, Cons & Who It’s For
A reverse mortgage lets homeowners 62+ turn equity into income — with no monthly payments. But the costs add up fast. Here's the full picture.
Mortgage Recasting: Lower Your Payment Without Refinancing
A mortgage recast lets you make a lump-sum payment and re-amortize your loan for a lower monthly payment — without refinancing or resetting your rate.
Mortgage Rate Lock: When to Lock and How Long to Lock For
Locking your rate protects you from increases during closing — but lock too early and you may pay a premium. Here's how to time it right.
Mortgage Preapproval vs Prequalification: Key Differences
Prequalification is a soft estimate; preapproval is a verified commitment. Here's what each requires, how long they take, and which sellers prefer.
Mortgage Points Explained: Should You Buy Down Your Rate?
Each mortgage point costs 1% of your loan and lowers your rate ~0.25%. Here's the break-even math to see if buying points actually pays off.
Mortgage Payoff Letter: What It Is and How to Get One
A payoff letter shows the exact amount needed to close your loan — and it's required to refinance or sell. Here's how to request one and read it.
Mortgage Insurance Removal: How and When to Cancel PMI
You have the right to cancel PMI once you hit 20% equity — but lenders won't always do it automatically. Here's exactly how to request removal.
Mortgage Forbearance vs Deferral: Know the Difference
Forbearance pauses payments; deferral moves them to the end. Both can protect you in hardship — but one has a much bigger long-term cost.