- Mar 28, 2001
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So I'm thinking of moving out of my house after 3 years. I'm at the point where I'm looking into this financially and seeing if I can do it. I have not had my house appraised yet, but from checking out recent sales in the area it's safe to say that the house has appreciated at a "normal" rate for here in the midwest. Do people usually come out ahead when selling a house? I'm worried because I only have 3 years of payments into it. My main confusion is in how my mortgage is taken care of when I sell the house. Say I sell for the appraised (more than I paid) price. Does this chunk of change pay off my mortgage? What about all of the interest that the lender will be missing out on? I must be missing a piece of the puzzle because people sell houses all the time and are just fine...
Someone give me some nuggets of wisdom.
Someone give me some nuggets of wisdom.