How does selling affect my HELOC?
When you sell your home, the proceeds from the sale must first be used to pay off the primary mortgage. Any remaining funds are then applied to pay off the HELOC. Tennant Lending can assist in navigating this process to ensure all debts are satisfied efficiently.
What if my home sells for more than I owe?
If the sale price of your home exceeds the total amount owed on your primary mortgage and HELOC, you will receive the surplus funds. Tennant Lending's experienced advisors can help you plan for any potential profit, ensuring you make the most of your home's equity.
What if I owe more than my home sells for?
In situations where the sale price doesn't cover the combined balance of your mortgage and HELOC, you may need to cover the shortfall. Tennant Lending specializes in advising homeowners on how to navigate this challenging scenario, exploring options like short sales or negotiating with lenders.
Can I transfer my HELOC to a new property?
Generally, a HELOC cannot be transferred to a new property as it is secured against your current home's equity. However, Tennant Lending offers a variety of lending solutions, including new HELOCs, to help you leverage the equity in your new home.
How do I close my HELOC before selling?
Closing your HELOC before selling involves contacting your lender to request a payoff quote and paying off the balance. Tennant Lending prides itself on assisting homeowners through this process, ensuring a smooth transition from one property to the next.
What about refinancing my primary mortgage with a HELOC?
Refinancing your primary mortgage with a HELOC before selling can complicate the sales process. Tennant Lending advises homeowners to consider their long-term financial goals and consult with their lending experts before making such decisions.
How can Tennant Lending help?
Tennant Lending, a licensed premier mortgage lender based in Northern California, offers expert advice and a range of mortgage solutions, including HELOCs. Whether you're selling your home or considering leveraging your home's equity, Tennant Lending's team is here to guide you every step of the way.
Tennant Lending is a licensed, premier mortgage lender based in Northern California. Access exclusive real estate insights by clicking "Join Tennant Lending" below.
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