Selling before end of term

Question

If I sell a property before the end of my mortgage term, do I pay back the remaining principle from the sale the bank fine or will I have to pay the principle, interest for the remaining term, and insurance for the remaining term?

Answer 1

Most mortgages allow for payment of the remaining balance when a property is sold.  Seldom do you see a mortgage where the borrower is required to pay the full term (30years).  

If you have a mortgage with a 'prepayment penalty', then the penalty and the time period from the start of the mortgage within which you would be penalized, should be spelled out in your note.