Mortgage Penalties and Selling Real Estate – Check with your Lender before Selling or be Prepared to Pay!
Don't Let Mortgage Penalties Bite you in the Backside - Check with your Lender Before you List! A lot of people assume that when they sell a property they can pay off the principal of their mortgage with the sale proceeds and be done with their lender. This is not the case. A mortgage is a legally binding contract between you and your lender for you to pay them a stream of principal and interest payments for the term of the mortgage. The lender will have something in the small print of the mortgage they can get either…
