What Happens If I Need to Move Before Paying Off My Mortgage?
Life has a way of throwing curveballs at the population. Most Australians hold mortgages that have a term of 30 years. However, some only live in the home for 10 years. Therefore, many find themselves with the need to move and an outstanding mortgage. That’s not a roadblock to moving. You have a few strategies that you can employ.
The best way to make your way out of a mortgage is to sell your home. Then, use the proceeds to repay the outstanding home loan. Most homeowners need to figure out where they will live after they relocate. Therefore, they attempt to sell their current home and purchase a new one at the same time. Homeowners do this every day. Thus, it’s possible. The issue is that the strategy puts a strain on the homeowner’s finances. After all, you must place a deposit and start making mortgage repayments as soon as the ink on the contract dries.
A great solution for this situation is to apply for a Mortgage House relocation home loan. It’s a bridging loan that helps the homeowner purchase the new home as they try to sell the current one. The process moves a lot faster than a mortgage application. You’ll fill out the application and work with our loan specialists to ensure that you understand the requirements of the loan product.
You can also use our mortgage calculator online for free.
Relocation Home Loan Conclusion
A relocation home loan is a viable solution for homeowners that need to move before paying off their mortgages. To apply, contact our loan specialists today.