Hello all,
This is dealing with Ontario Canada if it make a difference. I am a first time home owner so this is all kind of foreign to me. I own a home in which took out aprox. $280k mortgage to purchase in 2013 (20yr amortization period). The house in the meantime has appreciated significantly, $320k to similar homes in our development selling for $560-600k. While our mortgage hasn't ever really been an issue and we have overpaid many years. We are looking at moving. The goal is to move somewhere with a large plot of land, a cheaper house and build our dream house over the years living out of the smaller house while the dream house is being constructed. We have found suitable properties in the $250k range. My question is, if I were to sell what would happen to the mortgage in this situation? Most of what I have read about this relates to people porting their mortgage to a higher value property and very little information about our situation.
Submitted April 07, 2019 at 09:59AM by nicklinn http://bit.ly/2uSzOx3
