What are the expenses involved in selling a house, and transfering my mortgage to a new house?

Question

will this involve more closing costs? Please break it down for me. thanks

Answer 1

If you're looking at selling your current house and moving into a new one you are going to incur all the costs that come with buying and selling a house which are:

1. Closing costs on new house

2. Mortgage costs (points, etc.) on new house

3. Realtor's fees for old house

Of course this means that you need to go through another approval process for the loan on the second house. They also might make the loan contingent on you selling the first house.

Answer 2

You can not transfer a mortgage.  They are attached to property.

You pay the present one off from the sale proceeds and create an all new loan for your new house.

Answer 3

I've only seen this happen with 2nd mortgages but it is definitely possible.  They might charge you $150 for a "drive-by" appraisal.