How to sell a coop with a 30 year mortgage?

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I want to buy a $ 150,000 coop, put $ 50,000 down payment and get a 30 years mortgage loan for the rest of the amount.
If in 5 years I decide I don’t want it anymore, can I sell it or do I have to pay off the mortgage before selling it???
If I want to pay the mortgage loan in faster, does the interest gets recalculated or do I have to pay the loan and its interest for the whole 30 years???

2 Comments
  1. Reply
    kyle
    January 23, 2011 at 6:54 am

    You pay it off but it is at closing so once you have a buyer they will pay off the loan and then pay you the balance after commissions. The loan is is reamortized after each payment extra.

  2. Reply
    Ashevin Gush
    January 23, 2011 at 7:24 am

    Hello everyone, I am Shaffie Moziq, from Singapore, I did not know there could still be a genuine lender, but I was shocked when I got a loan from Mr. Twa Suotsi who gave me a loan of SG$ 92,000 to open a branch office in Malaysia. He is an honest man to the core. You can get him at suotsi_loanfirm@yahoo.com

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