Real Estate

Converting HELOC to Mortgage & selling house.

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  • Feb 13th, 2020 12:29 pm
[OP]
Newbie
Jan 22, 2015
57 posts
5 upvotes
Toronto

Converting HELOC to Mortgage & selling house.

Hello Folks,

When i got the mortgage from the bank i was given a mortgage + HELOC. Later on i converted the HELOC to a mortgage too which means now i have 2 Mortgages.

My Question is what happens when i sell my house, Would i loose both mortgages or i will end up having or keeping the HELOC Converted mortgage?
1 reply
Deal Fanatic
User avatar
Feb 2, 2014
7353 posts
1858 upvotes
Toronto
hammadarif wrote: Hello Folks,

When i got the mortgage from the bank i was given a mortgage + HELOC. Later on i converted the HELOC to a mortgage too which means now i have 2 Mortgages.

My Question is what happens when i sell my house, Would i loose both mortgages or i will end up having or keeping the HELOC Converted mortgage?
Mortgages and HELOCs are secured by a property. If you sell the property and do not port the loans to another property, then you have to pay them out on closing.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative

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