Selling a home before paying off your mortgage might sound intimidating, but it's actually a common process that can be both straightforward and beneficial—especially when you work with an experienced real estate team like Team Kelli Lang. If you’re considering selling your home in Oak Harbor while still owing money on your mortgage, here’s what you need to know to make the process smooth and stress-free.

1. Understand Your Mortgage Payoff Amount

The first step is understanding how much you owe. Your mortgage payoff amount isn’t the same as your loan balance—it includes any interest that has accrued since your last payment. Contact your lender to request a formal payoff statement. This document will detail the exact amount you’ll need to satisfy your mortgage at closing.

2. Know Your Home’s Market Value

Next, you need to determine your home’s current market value. In Oak Harbor, property values can fluctuate based on location, condition, and market trends. Team Kelli Lang specializes in providing accurate, local market analyses that give you a clear picture of how much your home is worth. This step is crucial to understanding if your sale proceeds will cover your mortgage payoff.

3. Calculate Selling Costs

Selling a home comes with expenses, so it’s essential to factor these into your plans. Typical selling costs include:

• Real estate agent commissions

• Closing costs

• Potential repairs or staging expenses

In Oak Harbor, Team Kelli Lang offers comprehensive services, including expert staging, marketing, and negotiation strategies, ensuring you get the best return on your investment.

4. Review Your Equity

Your home equity is the difference between your home’s value and the amount you owe on your mortgage. If your home is worth more than what you owe, you’ll have positive equity, and the remaining funds after the sale can be used toward your next home or other financial goals.

If you’re underwater on your mortgage (owing more than your home’s value), don’t worry—options like short sales or negotiating with your lender may still allow you to sell.

5. Work with a Local Real Estate Expert

Selling a home before paying off your mortgage involves legal and financial complexities. That’s where Team Kelli Lang comes in. Our Oak Harbor real estate experts guide you through every step of the process, from pricing your home to navigating mortgage contingencies. We understand the local market, know how to attract the right buyers, and will advocate for your best interests.

6. Understand the Payoff Process at Closing

At closing, the sale proceeds are used to pay off your mortgage balance directly. Any additional proceeds, minus selling costs, will be transferred to you. If the proceeds are not enough to cover your mortgage, you’ll need to bring the remaining balance to the closing table. Team Kelli Lang works with you and your lender to ensure this process goes smoothly.

7. Plan Your Next Move

If you’re selling your Oak Harbor home to buy another, timing is critical. Selling before paying off your mortgage may impact your ability to secure financing for your next home. Team Kelli Lang specializes in helping sellers coordinate simultaneous transactions, ensuring you don’t have to navigate the transition alone.

Why Choose Team Kelli Lang?

Selling a home in Oak Harbor can feel overwhelming, but with Team Kelli Lang by your side, you’ll have the guidance, expertise, and support to make the process as seamless as possible. Our personalized approach ensures your goals are met while maximizing the value of your sale.

Ready to sell your home in Oak Harbor? Contact Team Kelli Lang today for a free home evaluation and let’s get started!