Avoid These 5 Mistakes When Selling a Home With a Mortgage in East Islip

Selling your home in East Islip while you still have a mortgage? You’re not alone. Most homeowners still owe something on their loan when they decide to sell—but it’s important to understand how to do it the right way. Here are 5 mistakes to avoid when selling a mortgaged home:

1. Not Knowing Your Payoff Amount

Your mortgage balance isn’t always the same as your payoff amount. Interest and fees can add up quickly. Before listing your home, request a mortgage payoff statement from your lender to know exactly what you owe.

2. Forgetting to Factor Mortgage Payoff Into Net Proceeds

It’s easy to overestimate how much you’ll make from the sale. Tools like a home selling calculator or a custom net-to-seller sheet from Jeffrey Canas at Serhant South Shore can give you an accurate picture of what you’ll actually walk away with after paying off your mortgage.

3. Overpricing to “Cover” Your Loan

Trying to list your home high just to break even is risky. Overpriced homes sit longer and often sell for less. Focus on pricing it right based on a local market analysis—not your remaining loan balance.

4. Skipping Pre-Sale Communication With Your Lender

Some loans may have prepayment penalties, especially if it's a newer mortgage or specialized loan. Contact your lender early to understand the terms and avoid surprise fees at closing.

5. Going It Alone

Selling a home with an existing mortgage involves several moving parts—from lender coordination to closing costs. Working with a local expert like Jeffrey Canas ensures nothing gets overlooked.