Can I sell my Leamington home if it’s under a mortgage?
Yes, you can sell your home in Leamington even if you still have a mortgage. The balance will be paid out on closing, and any remaining equity goes to you. Realtor Linda Hakr can guide you through the process.
Yes—You Can Sell with an Active Mortgage
If you have a mortgage on your Leamington home, you can still sell it. When the sale closes, your lawyer will use the proceeds from the sale to pay off the remaining mortgage balance. Any equity left over goes directly to you.
Understanding the Mortgage Payout Process
Here’s how it works:
– Your lawyer requests a payout statement from your lender.
– On closing day, your lender is paid first.
– You receive whatever’s left after commissions, legal fees, and adjustments.
Linda Hakr works closely with lawyers and lenders to ensure a smooth closing process.
Will I Face a Mortgage Penalty?
If you’re breaking your mortgage before the term ends, you may have to pay a prepayment penalty. This could be:
– Three months’ interest (common with variable-rate mortgages), or
– An Interest Rate Differential (IRD), often higher for fixed rates.
Contact your lender for an estimate before listing.
Should You Port or Break Your Mortgage?
If you’re buying another home, you might be able to ‘port’ your mortgage—moving it to the new property. This avoids penalties and keeps your current rate. Linda Hakr can help you compare options and refer you to trusted mortgage specialists in Leamington.
What About Negative Equity?
If your mortgage is higher than your home’s value, this is called being ‘underwater.’ It’s less common in Leamington’s steady 2025 market, but it can happen. Linda will help assess your home’s current value so you can plan realistically.
How Linda Hakr Supports Sellers With Mortgages
Linda guides homeowners through pricing, marketing, and negotiating the best sale price to maximize your equity. With local experience and over 15 sales this year alone, she knows how to help sellers close smoothly—even with an active mortgage.