Unless you own your home lock, stock and barrel, you'll have to discharge, or settle, your current mortgage when you sell. Usually, you'll have three options:
Whether you plan to sell your home in a few months or a few years, your financing choice can depend on several factors, including:
Your outstanding mortgage balance
The remaining length of your mortgage term
Your mortgage rate versus current mortgage rates
Whether your mortgage term is open or closed
Your plans for financing your next home or paying off the debt
Check with your mortgage lender first!
If you're thinking of selling and your mortgage is up for renewal before then, discuss your intentions with your mortgage lender. There are many mortgage options that you can select today to give you the flexibility you'll need later on.
